JPY Daily News

BOJ Remarks Do Little to Move the JPY

Yesterday's trading saw the Yen drop slightly against the Dollar, ending the day at 92.44. The drop can be attributed to greater risk taking as investors dumped their Yen positions for higher yielding currencies.

A statement was made yesterday by Bank of Japan (BoJ) Governor Shirakawa, as he signaled for possible direct intervention by the government in currency markets to influence the value of the JPY. A recent appreciation of the Yen has hurt the export dependant Japanese economy.

However, these statements have been made before, and the currency markets have yet to see the Japanese government take steps to sell Yen on the open market. These words may never come to fruition. Look for the USD/JPY to continue to trade in the 92-93 range for the remainder of the week.

Current Time: 05/27 00:44 GMT

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