Japanese Nikkei Index has plunged 6.2%, while Australian ASX index sheds 0.4%. On the positive side, the Hong Kong Hang Seng Index edged 0.1% up, and the South Korean Kospi Index rose 0.8%. In China, the Shangai Composite Index remains practically flat.
Market sentiment remains weighed, with Japan struggling to avoid a nuclear catastrophe, with the Bank of Japan taking additional monetary easing measures, while Japanese Finance Minister Noda affirms its commitment to watch Forex markets closely to avoid yen speculation.
Yen highly volatile
USD/JPY decline from 83.30 high on Friday extended on Asian session opening to 80.60 low, and bounced after BoJ increased its bond buying programme to JPY10 Tr, and injected record funds in the banking system. The pair bounced up and consolidated above 82.00 ahead of the European session.
EUR/USD bounced up strongly on Friday after bottoming at 1.3750, one-week low, and the pair extended to 1.3985 high on Asian session opening, to consolidate between 1.3915 and 1.3985 ahead of the European session opening.
GBP/USD retreat from 1.6345 high last week bottommed at 1.5975 low on Friday, and the pair bounced up, to regain 1.6000, and capped at 1.6100on early Asian session, ease to 1.6045 ahead of the European session opening.