By: Barbara Zigah
As reported at 3:07 p.m. (JST) in Tokyo, the Japanese Yen gained versus the Pound Sterling and the single currency Euro in Asian trading today on growing investor concern that the global economic recovery track was overstated. One foreign exchange manager at a bank in Tokyo suggests that investors are now trying to make corrections for their overly-optimistic stance, to the point where they are easing up on riskier investments. Versus the Pound Sterling, the Japanese Yen traded at 155.05, an increase of .1%, while against the Euro, the Yen traded at 133.20 Yen, up .1%. Versus the U.S. Dollar, the Yen remained relatively flat, trading at 95.33 Yen; yesterday, on the EBS trading platform, the U.S. Dollar touched on a 5-week low, trading at 94.66 Yen.
The Australian Dollar traded higher against both the Japanese Yen and the U.S. Dollar, following the Reserve Bank of Australia’s decision earlier today to leave their benchmark cash rate unchanged at 3.0%, a historic low. Though it was widely expected that they would take this position, they did acknowledge that if their economic recovery does not happen as they expect, they will consider additional monetary easing. The AUD traded at $0.7975 versus the U.S. Dollar, an increase of .2%, and versus the Japanese Yen, traded at 76.02 Yen, also a .2% increase.
Japanese Yen gains versus U.S. Dollar and Euro on Diminished Optimism
After working on Wall Street, Barb began her second career as a freelance writer at Daily Forex, where the CEO recognized fresh, untapped potential and was willing to give her a try. She’s never looked back. Since then, she’s worked steadily as a freelance writer and editor in the financial services and Forex-related industry.