The Japanese yen rebounded today after it weakened on the speculation that the tensions in Libya has eased and that the Japanese currency is overbought.
Specialists say that the unrest in North Africa and Middle East isn’t severe enough to derail the global economic recovery. OPEC promised to increase supply of oil in case if the tensions will disrupt production. Still, uncertainty in the markets persists, driving investors to safer assets.
USD/JPY fell from 81.88 to 81.74 as of 14:24 GMT today after rising to 82.06. GBP/JPY dropped from 132.14 to 131.43 following the advance to 132.46.
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