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August 30, 2009. The first ever defeat of Liberal Democratic Party since its establishment in 1955 by DPJ , ending its 50 year one party rule in the worlds 2nd largest economy, has sparked fuel to the sentiments of traders, speculators, Investors all over the world to take refuge in the Japanese currency “Yen” when markets will open on Monday morning in Japan.
Many Investors have already instructed their respective brokers to monitor the market at opening of Japan’s Market and some have already decided to place their MOO ( Market on open ) orders in Japanese currency, Yen, on the basis that DJP’s pledge to give more autonomy to Bank of Japan, which may decide to increase the current interest rate. Yen was seen closed at $ 93.56 on last trading day.
August.25, 2009. US President Barack Obama has nominated Mr. Ben Nernanke to a second term as Chairman of Federal Reserve. President Barack Obama made this announcement interupting his vacation in Massachusetts Island, with Mr. Bernanke at his side.
Mr. Baernake thanked the President.Please read Mr. Bernanke’s full statement.
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Thank you, Mr. President>
I would like to express my gratitude to President Obama for the confidence he has shown in me with this nomination and for his unwavering support for a strong and independent Federal Reserve.
It has been a particular privilege for me to serve with extraordinary colleagues throughout the Federal Reserve System. They have demonstrated remarkable resourcefulness, dedication, and stamina under trying conditions. Through the long nights and weekends and the time away from their families, they have never lost sight of the critical importance of the work of the Fed for the economic well-being of all Americans. I am deeply grateful for their efforts.
I especially want to thank my own family — my wife Anna and our children, Joel and Alyssa. Without their support and sacrifice I could not undertake this task.
The Federal Reserve, like other economic policymakers, has been challenged by the unprecedented events of the past few years. We have been bold or deliberate as circumstances demanded, but our objective remains constant: to restore a more stable economic and financial environment in which opportunity can again flourish, and in which Americans’ hard work and creativity can receive their proper rewards.
Mr. President, I commit today to you and to the American people that, if confirmed by the Senate, I will work to the utmost of my abilities–with my colleagues at the Federal Reserve and alongside the Congress and the Administration–to help provide a solid foundation for growth and prosperity in an environment of price stability.
Thank you.
August 21, 2009. Its good to sell Swiss currency verses Us dollar for this weekend. Forex markets are quite volatile now a days. Apart from the facts and figures one can easily take a chance for some correction in Swiss Franc. Presently Swiss Fran is trading at $ 1.0575. Those who love Japanese currency Yen can safely sell Yen and go home for the weekend. At present Yen is trading $ 93.71 in the market.