Many questions remain regarding the state of the U.S. housing market recession, including how much worse will it get and what the impact might be on 2008 U.S. economic and global growth.
Ideaglobal economists warned in their Global Forex Outlook Q4: “In the event the housing correction is much more marked and causes a U.S. recession, USD/JPY could see a serious test of 105, below which we think it may get uncomfortable for the Japanese. Politics will make it difficult for the BOJ to consider intervention and at the most they could slow the move rather than reverse it.”
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