Start Trading Now Get Started
Table of Contents
Affiliate Disclosure
Affiliate Disclosure DailyForex.com adheres to strict guidelines to preserve editorial integrity to help you make decisions with confidence. Some of the reviews and content we feature on this site are supported by affiliate partnerships from which this website may receive money. This may impact how, where and which companies / services we review and write about. Our team of experts work to continually re-evaluate the reviews and information we provide on all the top Forex / CFD brokerages featured here. Our research focuses heavily on the broker’s custody of client deposits and the breadth of its client offering. Safety is evaluated by quality and length of the broker's track record, plus the scope of regulatory standing. Major factors in determining the quality of a broker’s offer include the cost of trading, the range of instruments available to trade, and general ease of use regarding execution and market information.

U.S. Dollar and Euro Fall Sharply against the Japanese Yen

By DailyForex.com

The Japanese Yen surged against the U.S. Dollar and Euro today, as plummeting global stock markets increased risk aversion, confirming investors’ fears of the possibility of a protracted global recession. 

Most investors moved out of high risk assets towards low-yielding assets such as the Japanese Yen, with the Euro/Yen falling by 10% at one point, prompting speculation about how the major central banks might respond.

The Japanese Yen's rally gathered speed, outpacing major gains made by the U.S. Dollar against a basket of major currencies, even as the Prime Minister of Japan and the Vice Finance Minister cautioned against the adverse effect of financial market fluctuations.

According to Phyllis Papadavid, a currency strategist in London, what is being seen is “extreme risk aversion.”  She noted that the foreign exchange market is becoming “disorderly” and she expected that before it was over, it would turn into a rout.

The Euro dropped by more than 10% against the Japanese Yen to a low level of 113.82 Yen, resulting in the largest monthly percentage loss against the Japanese Yen.  On October 22, 2008 by 12:00 GMT, the U.S. Dollar fell by more than 5% against the Japanese Yen to 92.50 Yen, after falling to 90.95 Yen, the lowest price in 13 years.

Most Visited Forex Broker Reviews