Japanese markets were reeling in Asian Market opening trades with the Nikkei heading for its biggest weekly drop since October, bonds battered and the yen surging toward its largest weekly gain for five months as investors rushed out of bets on Japanese rates staying low. The yen leapt more than 2% yesterday and was well supported today, though kept below an overnight four-month peak of 141.6 per dollar to trade at 143.39. In other currencies, the euro was lower for the week at $1.0785 while the pound was almost flat at $1.2594. Brent crude futures touched a five-month low overnight, before recovering slightly to $75.02 a barrel in Asia trade. Oil is set for a 5% fall this week. Gold, having touched a record high early in the week before recoiling, was clinging on at $2,032 an ounce. U.S. jobless claims met expectations yesterday, leaving the focus on whether today’s broader payrolls figures will reflect growing signs that the job market is slowing. The Indian rupee opened unchanged at 83.35/36 against its previous session’s close of also 83.35/36 and is expected to trade between 83.30–83.40 band today.
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