ForexLive Asia Wrap for Thursday 27Dec2012: Nikkei powers higher on Yen weakness

A low-volume day, as expected, with many market participants on holiday. A light data/news day too: Geithner sent a letter to the US Senate saying the US will reach its statutory debt limit on Dec. 31 and that the Treasury will take 'extraordinary measures' to postpone a default, which will allow around 2 months to reach an agreement. There was little else on the Cliff issue; the players are expected back in Washington on Dec. 27. Chinese November Industrial Profits for January: November came in +3.0%, a big jump from the +0.5% in October Japan Vehicle Production Y/Y for November was -8.4% (Oct. was -12.4%) Japan Housing Starts  +10.3% Y/Y for November (Market expected +10.7%) Japan Big 50 Constructors Orders (by Contract Value) for November -2.1% (Prior, October was -13.8%) Japan Housing Starts Annualized for November 0.907M (Expected was 0.911M)   The Yen continued its weakening ways, as high as 85.84 (EUR/JPY 113.61) in Tokyo morning, and higher again in the post-lunch,with very little in the way of dips. EUR/USD did its 'planking' impersonation, trading a very tight range of 1.3220/1.3240, with a brief spike to 1.3246 The NZD/USD found some support once New Zealand got active this morning, it traded from sub-0.8160 to 0.8210 AUD/USD was very quiet, 1.0362/78 the range. It was helped by AUD/JPY buying but hindered by fears over the fiscal cliff.