Yen Weakens on Signs of Recovery

The Japanese yen declined today against the U.S. dollar and the euro as the signs of the economic recovery in the U.S. prompted the investors to leave the safe currencies in favor of the higher-yielding ones.

The Dow Jones Industrial Average rose by 1 percent yesterday after FedEx Corp., the second-largestpackage-shipping company in the U.S., raised its earnings forecast for the quarter and for the year. The forecasts also suggest about improving consumer confidence in Germany and increasing number of the durable goods orders in the U.S.

USD/JPY went up from 87.37 to 87.36 today as of 9:19 GMT. EUR/JPY traded at 113.43 after it jumped as high as 113.70.

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