By: Barbara Zigah
As reported at 2:44 p.m. (JST) in Tokyo, the Japanese Yen slipped in choppy Asian trading today, falling from the highest levels hit so far this month versus both the single currency Euro and the U.S. Dollar, and experiencing diminished returns versus other commodity-linked currencies. Versus the Euro, the Yen slipped to 133.77 Yen, a decline of .5%. Meanwhile, versus the U.S. Dollar, the Yen slipped to $1.4103, a loss of .2%. The Yen fared no better versus the Australian Dollar, trading at $0.8228 AUD, a decline of .3%. Analysts attribute the Yen’s loss to investor coverage of short positions from yesterday’s sell-offs.
All eyes have been on the Chinese markets, especially the Shanghai Composite Index which has been 50% higher since the beginning of the year though experiencing a downtrend these past two weeks, in an effort to measure how much China can assist other economies in emerging from the global recession, given that the American economy is taking somewhat longer than expected. According to one analyst in a major Tokyo bank, there are already positive indications from industrialized nations, but its important to wait to see if more positive signs are forthcoming.
Japanese Yen slips Broadly
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.