By: Barbara Zigah
As reported at 2:34 p.m. (JST) in Tokyo, the Japanese Yen saw broad gains in Asian trading today as share prices fell and risk appetite for higher-yielding currencies waned. The news that U.S. President Barack Obama would appoint Ben Bernanke to a second term as the Chairman of the Federal Reserve Bank was widely expected, and generally had little effect on the currency markets. Stocks in Asia took a fall following yesterday’s lackluster trading day on Wall Street; the Shanghai share index lost 4% .SSEC following Chinese Premier Wen Jiabao’s comments that China’s loose monetary policy would continue in the face of new economic “difficulties.”
The Japanese Yen traded at 93.96 Yen, a gain of .7%, though still lower than the 1-month high touched on last week. The Yen also gained on the single currency Euro, trading at 134.30 Yen, a rise of .7%. Typically higher yielding, the Australian Dollars also slipped against the Yen, trading at $0.8362, a loss of .2%. Conversely, the New Zealand Dollar moved up on the Yen, trading at $0.6850, a .1% gain and nearing the 11-month high of $0.6888 touched on earlier this month.
Japanese Yen up broadly on falling Asian Shares
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.