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Last night, the Prime Minister for Japan was decided, and
Naoto Kan beat Ichiro Ozawa. This sent the yen, and the Japanese Yen ETF
FXY higher, before coming off its highs. It immediately shot up to a 15 year high. This will hurt exporters like Toyota
TM if the yen continues to stay high.
The Pentagon
announced plans to cut costs, saying it wanted to cut $100 billion from its budget over the next five years. This will hurt companies like Lockheed Martin
LMT and Raytheon
RTN, who are heavily dependent on defense budgets around the world for revenues.
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Posted In: EarningsNewsCurrency ETFsContractsPoliticsIntraday UpdateETFsAerospace & DefenseAutomobile ManufacturersConsumer DiscretionaryIndustrials
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