By: Barbara Zigah
The Japanese Yen, considered among the best of the safe haven currencies, eased back in Asian trading today following the several days uptrend as a result of the Japanese fiscal year end. As reported at 12:40 p.m. (JST) in Tokyo, the Yen was trading against the U.S. Dollar at 83.16 Yen, a fall of 0.4% from Friday’s trade and well off the 3-week peak of 81.83 Yen which was also struck on Friday. Against the Euro, the Yen was trading at 110.94 Yen, a fall of 0.3% not far from the multi-month low of 111.43 Yen struck on March 21st. The Yen also fell against the Australian Dollar, trading at 86.44 Yen and well off last week’s high of 84.60 Yen.
News that business sentiment among the largest of Japan’s manufacturers was unexpectedly weaker also put pressure on the currency. That suggests to a few analysts that the Bank of Japan might have to consider additional easing measures to further spur the economy; the central bank has two meetings scheduled for the month of April. Some market players expect that now that repatriated fund worries have been reduced with the passing of the fiscal year that the USD/JPY will continue its rise to 85 Yen within the next three months.
Yen Lower as Repatriation Worries Ease
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.