Across assets, the normalised annual ranges for 2012 (high minus low as a percentage of the open) were the smallest seen in several years. For the JPY, 2013 is likely to be different. In Asia, the Shanghai Composite also signalled change, as December ended in a Key Bullish Reversal month. We expect further gains, especially as the Asia Dollar Index is confirming a strengthening trend for Asian currencies (against the USD) in general.
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Barclays Capital