As reported at 3:06 pm (JST) on March 17, 2009 in Tokyo, the Euro moved back towards an eleven-week high against the Japanese Yen and a 5-week high versus the U.S. Dollar as a increase in regional stock prices pointed to the possibility of some recovery in investors appetite for risky assets.
The Japanese Yen and the U. S. Dollar fell against higher-yielding currencies, as global stock markets are showing signs of stabilizing and the lessening of the volatility of the currency market over the past few weeks. According to a trader from one of the major Japanese banks, while the Japanese Yen and the U.S. Dollar have been previously bought by risk averse investors, it appears that the pendulum has now reversed with investors clamoring for the single currency.
The Euro rose by 0.6% against the Japanese Yen and traded at 128.15 yen, close to the previous day's high of 128.74 yen and, the highest since late last year.
The Single European currency gained 0.4% against the U. S. Dollar and traded at $1.3016, inching up close to Monday's peak of $1.3072. The U.S. Dollar rose by 0.3% against the Japanese Yen and traded at 98.44 Yen.