By: Barbara Zigah
As reported at 8:56 a.m. (BST) in London, the Japanese Yen moved up against the U.S. Dollar in trading today following comments made by the newly appointed Japanese Finance Minister, Hirohisa Fujii, who pointed out that there are benefits and advantages to the Japanese economy if the Yen is strong, provided that currency movements are gradual. This suggests to investors that the new government is less likely to intervene in the currency markets than the outgoing administration. The U.S. Dollar was trading at 90.30 Japanese Yen, a decline of nearly .8% on the EBS trading platform. Analysts commented that selling of the Yen/Dollar cross was accelerated by speculators.
The decline of the U.S. Dollar was also helped along by increased risk appetite as a result of higher share prices worldwide and the rise in the price of gold shares. The U.S. Dollar Index, which is a gauge of the greenback’s value in comparison to a basket of major currencies, slipped to 76.262 .DXY, the weakest point in nearly 12 months. One economist in Australia commented that the U.S. Dollar could continue to remain under pressure over the coming six months, if the worldwide recovery continues on its present track.
Japanese Yen gains on U.S. Dollar after Comments by New Japanese Finance Minister
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.