As reported at 5:00 p.m. (JST) in Tokyo, the Japanese Yen lost ground versus major currencies in today’s trading following strong advances in share prices in Tokyo markets; the average share on the Nikkei rose 3%, propelled by Wall Street reflected optimism that the American recession may finally be waning. According to one forex analyst in Tokyo, overall optimism about the U.S. economy is somewhat subdued, but the release of U.S. earnings figures, which were better than economists had originally expected, helped to prevent a sharp fall in share prices. The analyst also noted that the markets are eagerly awaiting the release of earnings reports from two of the United States’ largest financial firms, J.P. Morgan and Citigroup, which will be released later today and tomorrow, respectively.
Meanwhile, the Pound Sterling also advanced, hitting on a 3 month high versus the U.S. Dollar, following the release of better than expected housing data from the U.K. which showed that the rate of decline in housing prices in Wales and England has slowed, while sales volume has finally increased from historic record lows.
The U.S. Dollar traded at 99.44 Yen, showing very slight movement from yesterday’s trading day in New York. The Pound Sterling rose .5%, trading at $1.5057, after hitting a 3-month high of $1.5069.