The Japanese yen fell to the lowest level since June 2010 against the US dollar and to the lowest since May 2010 versus the Great Britain pound amid the positive market sentiment and on prospects of further stimulus from Japan’s central bank.
It is expected that the central bank will continue to work closely with the government to stimulate the economy. According to speculations, the BoJ may add to its goals specific unemployment level. Whatever the case, it is likely that actions of policy makers will be aimed toward weakening the currency.
The yen was also soft today amid the positive set sentiment on the Forex market. The good data from China encouraged traders to part with safer currencies, while the policy decision of Europe’s and Britain’s central banks made the Japanese currency especially weak against the euro and the pound.
USD/JPY advanced from 88.77 to 88.96 as of 3:38 GMT today, while the intraday high of 89.33 was the strongest since June 2010. EUR/JPY climbed from 117.81 to 117.92 and its daily high of 118.56 was highest since May 5. GBP/JPY went up from 143.52 to 144.39, the highest price since May 2010, before trading at 143.63.
If you have any questions, comments or opinions regarding the Japanese Yen,
feel free to post them using the commentary form below.
Be First to Comment