Risk Sentiment Improves, Driving Yen Down

The Japanese yen fell today against other most-traded currencies after the Australian government agreed to review the mining taxes, improving the global risk sentiment.

The previous Australian Prime Minister Kevin Rudd had proposed a 40 percent tax on all resources. The current Prime Minister Julia Gillard proposed that the mineral resources rent tax would be set at 30 percent, applying to iron ore and coal, while the rent tax for the oil and gas resources would be at 40 percent.

USD/JPY rose to 87.91 as of 9:01 GMT today from its opening rate of 87.59.

If you have any questions, comments or opinions regarding the Japanese Yen,
feel free to post them using the commentary form below.