JPY Daily News

Defensive Trading Leads to Stronger JPY

The Japanese yen (JPY) was trading stronger versus most of its currency counterparts yesterday after several data releases began to shift traders back into safety. The yen has been gathering momentum these past few weeks as risk aversion becomes predominant in the global market. Fears of a debt contagion spreading from Greece to Italy now factor greatly into risk assessment. Moreover, a statement that the Italian economy was moments away from needing a bailout appears to have sparked a rapid flight to safety.

This movement has helped lift the yen against all of its currency rivals, including other safe-havens like the US dollar (USD). The steady, and dovish, monetary policy of the Bank of Japan (BOJ) feeds the yen's appeal as investors find its low yield as an affective store of value. The rate statement expected by the BOJ this morning will not likely change much of this sentiment. Traders appear to be anticipating a continuation of the JPY's appeal as a defense against unwanted risk.

Current Time: 05/27 00:53 GMT

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#	Time	$€£¥	Event	Per.	Prev.	Fore.	Act.	Imp.
07/12
	05:20	JPY	Monetary Policy Statement		*	*	*
	05:20	JPY	Overnight Call Rate		<0.10%	<0.10%	<0.10%
	07:00	JPY	BoJ Press Conference		*	*	*