3.23 There was a Turkish lira shock, but overall there was no clear directional trend
This article is not intended to indicate or recommend buy or sell timing.
Please make your own investment decisions.
Over the weekend, there was panic selling of the Turkish lira as President Erdogan recently fired the central bank governor, and both the cross yen and the dollar pairs opened with a broad gap as the market began.
The gap was the first in a while, and the subsequent price movement largely followed a self-reinforcing rebound pattern.
With no particular news, demand and supply, flows, and price sense-driven buybacks are notable.
In Tokyo time, stock market moves continued from Friday, with top-weighted Nikkei components being sold; the TOPIX remained rather solid.
End-of-term selling is also observed.
As discussed in the weekend report, the Nikkei declined, U.S. stocks did not decline, and the yen appreciated.
Practically, the chart is expected to start moving from today, and the basic stance is to consider trading with Tokyo-time yen buying and Nikkei selling through the end of the period in mind.
Note: the important points are
