Forex: New 7.4 magnitude earthquake shakes Japan

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A major 7.4 magnitude earthquake has once again struck in Japan, this time on the northern part. Following the earthquake a tsunami warning was already been issued for the coast that was already devastated by the previous month’s earthquake that left all sources of destruction in Japan. So far no damages have been reported to be caused by the quake according to the Japanese Meteorology Agency while no malfunctions were detected at the Fukushima power plant with the workers having evacuated the power plant.

Following the earthquake the Yen rose to a session peak high against the US Dollar with the USDJPY pair dropping to 84.58. Global equities also suffered while US stocks reached to session lows. Nick Kalivas, an equity index senior analyst at MF Global in Chicago, stated the investors used this earthquake news to generate some profit while in a few hours time the market will restore to the trading levels before the earthquake as no serious damage was recorded. The USDJPY is currently traded at 84.96.