As we can see from the above chart the US Dollar took a sudden leap upwards today as the Japanese government sought to reduce the value of their own currency. This will of course have an impact on both gold and silver prices as their inverse relationship still exists however, it will be interesting to see just how quickly these precious metals can rebound from this knock on the chin.
A brief update from Reuters follows:
* Azumi warns market after new yen high vs dollar
* Says Japan will pledge intl contribution at G20
TOKYO, Oct 31 (Reuters) - Japanese Finance Minister Jun Azumi said on Monday he would take firm measures on foreign exchange as necessary, sending a fresh warning to the market after the yen hit another peak against the dollar.
In a speech to leaders of the ministry's local finance bureaus he also said Japan will pledge to contribute to the international community at the Group of 20 summit in Cannes, southern France, this weekend amid sovereign debt problems and downside risks to the global economy that need to be dealt with urgently.
Its brace for a buffeting time, so make a nice cup of tea and hold steady through it.
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