On Friday trading on japans Nikkei Index was off by 1.44%. It was expected that things would look better after Haruhiko Kuroda, the new governor of the Bank of Japan made a speech outlining his monetary easing policy. It did not go down as well as expected. It is hoped that he may be successful though when the bank of Japan meets next week, despite being critical of the previous plans.
Credit Suisse has had a technical analysis which has predicted that if USD/JPY gets past the resistance seen at 96.71 they would quickly get up to 100 which would be the highest level that it has seen in four years. The Yen did gain 1.2% against the dollar during the week, it is still not performing well against all of the other developed countries, being the worst of the lot during 2013.
Shanghai Composite went up by 0.22% and Hong Kong’s Hang Seng went down by 0.24%.
On Thursday there were clashes in Cyprus where police got involved in protests. The European Central Bank had said that it may stop funding to the island by 25th March. The President of Cyprus, Nicos Anastasiades has asked Russia if they can extend a loan that they have with them.
It is concerning policy makers that the tax on bank deposit plan, that was rejected may not be considered again unless they can raise the money in another way. Cyprus needs to find USD7.5 billion for the European Union and International Monetary Fund to agree to bailing them out.
Australia S&P/ASX 200 showed a different story as it rose by 0.2%. Traders are trying to decide whether the Bank of Australia will lower rates in April, but it is felt that they probably will not. The Assistant Governor, Edey will be speaking in Melbourne at 12.45pm local times and Governor Glenn Stevens will speak on the 26th March where more of the plans may be discusses.
In New Zealand their NZSE 50 went up by 0.10% after they announced that their GDP increased by 1.5% in the fourth quarter which was almost 1.5 times higher than the predictions.
South Korea saw the Kospi rise by 0.08% but Singapore Straits Times Index went down 0.08%. S&P futures did go up by 0.01%.