Asian equity markets remained firm on Tuesday as confidence remained generally robust, although the yen was able to resist further selling pressure with a test of dollar support below the 94 region. In part, this was due to caution ahead of Bernanke’s testimony, although the trend also suggest some underlying support for the Japanese currency.
In the latest Bank of Japan minutes, one member called for an exit strategy for the current monetary policies, although there is unlikely to be any near-term move to change policy given that corporate stresses are still severe which will limit the impact.
Risk appetite temporarily stumbled again later in the US session and the yen strengthened back to the 93.30 level against the dollar while it also strengthened to 132.50 against the Euro before losing ground again following favourable earnings from Apple.
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