Japanese yen is showing strength in trading today, heading mostly higher against its major counterparts. There has been a degree of fluctuation very recently, but earlier, the yen logged some solid gains.
Japanese yen has been extending its recent gains recently, heading mostly higher against its major counterparts. While some of the gains have been pared back in more immediate trading, the fact remains that the yen is showing general strength against its major counterparts today.
The stronger yen is causing trouble for exporters right now. Japanese officials like a weaker yen because it makes Japanese products more attractive. However, a stronger yen causes problems and weighs on the Japanese stock market. The Nikkei and the Topix lost ground today on yen strength.
Right now, though, the yen is pulling back just a bit. It is fluctuating between gains and losses against the euro, and it has dropped against the dollar. Forex traders are speculating on whether or not the policies of prime minister Shinzo Abe will really jumpstart the economy. They are also wondering if the Bank of Japan will offer more easing efforts to keep the yen weak.
At 13:24 GMT USD/JPY is up to 97.3500 from the open at 97.2830. EUR/JPY is hovering around the open level at 134.2585. GBP/JPY is down to 157.5750 from the open at 157.5950.
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