ML-Implode News - Japan Sees Wider Global Slowdown as China Growth Cools; Yen Rallies As "Haven"

China's economic outlook was cut by Japan, its biggest Asian trading partner, as the Shanghai Composite Index fell to its lowest level in three years on concern about faltering domestic demand and export growth.
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Europe's woes have bolstered the yen's appeal as a haven for investors, causing the currency to appreciate more than 5 percent against the dollar since mid-March and rise to a 11-year high against the euro. Japanese Finance Minister Jun Azumi reiterated today that authorities are ready to take "decisive" action on speculative and volatile movements in foreign-exchange markets. The yen traded at 78.10 against the dollar in Tokyo and the common currency touched 94.56 yen.

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Japan Sees Wider Global Slowdown as China Growth Cools; Yen Rallies As "Haven"