Japanese Preview

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Interest Rates US: Japan: Eurozone: UK: Switzerland: 1.75% 0.15% 3.=
25% 4.0% 1.25-2.25% [IMAGE] =09 [IMAGE] Japanese Forex Trading Pre=
view March 10, 7:00 PM: EUR/$..0.8737 $/JPY..128.19 GBP/$..1.4205 $/CHF..1=
.6863 Japanese Forex Trading Preview by Stacey Yang At 12:00:00 AM Japan =
January Machinery Orders M/M (exp 5.1%, prev 0.5%) January Machinery Orde=
rs Y/Y (-12.4%, prev n/a) The yen is trading around 128.19 against the dol=
lar, having yielded to the heartened dollar on Friday's release of the stun=
ning US labor market report that fanned hopes of a US economic recovery. US=
non-farm payrolls rose for the first time since July 2001 and by its large=
st amount in a year to 66k in February from the previous revised 126k, mark=
ing a positive development in the heretofore struggling labor market. Moreo=
ver, in contrast with forecasts, the US unemployment rate also declined for=
the second straight month to its lowest since October 2001 to 5.5% in Febr=
uary from the previous 5.6%. The Japanese currency had been held back by j=
awboning comments in the previous Asian session, as Japanese officials expr=
essed their displeasure with the yen's week-long rally and its largest surg=
e against the greenback in two years. Japan's Economics Minister Takenaka a=
nd the MoF's Kuroda warned that the Finance Ministry could take action agai=
nst rapid currency fluctuations. Nonetheless, the yen is likely to find s=
trength on repatriation ahead of the fiscal year-end on March 31, despite d=
ismal economic conditions. The latest GDP data showed that growth fell 1.2%=
q/q in Q4 for the third straight quarter, and once the artificial support =
is eliminated, analysts believe a fall in the yen is inevitable. However, J=
apanese assets may see further inflows as institutions have begun looking m=
ore favorably to non-US assets in light of glimmers of a US-led global reco=
very. LDP Secretary General Taku Yamasaki remarked that he would strive to=
ensure that the economy would bottom by next fall at the very latest. And =
indeed there is much reason to hope for a brighter Japanese economic outloo=
k. The Nihon Keizai Shimbun reported that the Cabinet Office is purportedly=
planning to leave out the term worsening for the first time in 10 months=
in its March economic assessment report, in what would be the first upward=
revision in its economic outlook since June 2000. According to insiders, E=
conomics Minister Takenaka is expected to comment that although the econom=
y is still struggling, there appears to be improvements in certain areas . =
Consumer spending and capital investments continue to show signs of weaknes=
s, whereas the decline in exports looks to have eased as the US economy exh=
ibits signs of a recovery. In addition, another area of improvement in Japa=
n's beleaguered economy is seen in the inventory adjustments in electrical =
machinery and other goods. This week's US economic highlights include wh=
olesale trade, retail sales, jobless claims, business inventories, import/e=
xport prices, current account balance, PPI, industrial production, and the =
University of Michigan consumer confidence survey. Key Eurozone indicators =
consist of GDP, German foreign trade, French CPI, Spanish retail sales, Spa=
nish CPI, ECB monthly bulletin, French employment, French industrial produc=
tion, Italian industrial production, French trade balance, and Italian CPI.=
=09[IMAGE] Audio Mkt. Analysis Dollar Recovers on Solid Jobs Report =
Articles & Ideas Yen's March Madness Will Dollar be Fuelled against the=
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