Yen Gains as Demand for Safety Surges After Pakistan Bombing

The Japanese yen jumped today after bombers killed at least 73 people in Pakistan, supposedly in response to the death of Osama bin Laden.

Ghufran Ali, a police official in Charsadda, reported that 15 buses carrying the newly graduated members of Pakistan’s Frontier Constabulary, a paramilitary force, who were going home after a May 11 ceremony was targeted by the bombing. The Tehreek-e-Taliban group announced that this attack was the first act of revenge for the death of bin Laden, according to Pakistan’s Dunya TV. The yen, being a safe currency, tends to profit in times of political and economic instability, and now the world is anything but stable.

USD/JPY fell from 80.93 to 80.47 and GBP/JPY dropped from 131.81 to 130.95 today as of 8:30 GMT.

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