Archived IMT (2009.02.27)

JPY returned to its old ways, rising on falling risk appetite despite plunging industrial production as the latest assault to shareholder value from additional government stakes in ailing Citigroup and the sharp downward revision in US Q4 GDP to -6.2% from an initial -3.8% is triggering US-centric risk aversion, thus, also boosting gold (see previous IMT). But any improvement in US equities off their initial open may send USDJPY back above 98 onto the 98.30.