ForexLive Asia Wrap Monday 24 Dec 2012: Japan Closed Today but the Yen still weakens

Quiet session ahead of the Christmas period with Japan closed for the Emperors Birthday Holiday.

USD/JPY gapped a little higher in response to weekend reports of Abe still piling the pressure on the BOJ; if they don't adopt a 2pct inflation target he'll 'revise' the BOJ Act. He also mentioned 90 as a USD/JPY rate that would be beneficial to Japanese exporters. The Yen recovered some ground on speculative position squaring ahead of the break in the afternoon.

'Risk' had a soft day, in tight ranges. EUR, AUD, NZD, GBP all weakening in the morning, but all recovered ground in the afternoon on local players position squaring ahead of the holiday.

The only data today was the December UK Hometrack House Price survey: M/M -0.1% (prior was -0.1%)

There was no new news on the Fiscal Cliff front.