Yen collapses on corporate tax cut talk

The Japanese Yen is weakening across the board following headlines from Kyodo news, saying "Japan stimulus steps to have pledge to study corporate tax cut", referring to cuts in corporate tax rate. The headline is not sitting well for those long Japanese Yen, with heavy buying interest emerging immediately afterwards, as the Nikkei 225 in Japan also recovers the bid tone to now be flat from a 1.3% down. Earlier on the day, LDP’s Noda said PM Abe is due to announce economic measures, including the VAT, corporate tax and other stimulatory measures, on October 1. Looking at key levels, the