The dollar/yen is likely to trade with a softer undertone today in Asian currency trading today, with investors focused on developments in Cyprus and implications for the European debt crisis and risk sentiment in general.
The Standard & Poor's 500 Index dropped 0.83%, the Dow fell 0.62% and the Nasdaq shed 0.97% today, even as the Cypriot central bank proposed a bill to overhaul the banking system and protect insured deposits up to 100,000 euro.
S&P downgraded the Cyprus credit rating to CCC from CCC-plus. The Eurogroup, which held emergency meeting to discuss the issue in Cyprus, urged the debt-laden country to propose a plan to reach bailout deal with its European partners.
New BOJ Governor Haruhiko Kuroda said at his first press conference that he will take "every possible policy step" to achieve 2% consumer inflation "in about two years," while refraining from commenting on whether he plans to call an emergency meeting to discuss additional monetary easing.
MNI & WWM
Chart: WWM Flash Trader