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JPY Daily News
Descending Asian Stock Markets Drive the JPY Lower.
Yesterday was a day of falling trends for the JPY. The JPY sharply depreciated against the EUR and the USD, as it approached a 7-week low versus the greenback.
The sole indicator that was published from the Japanese economy yesterday was the yearly Monetary Base, which fell by 0.7% to 87.85 trillion yen in July from a year earlier. This was the first fall in two months, as it added to the JPY's recent downfall. Recent reports suggesting that Kuwait's Investment Authority plans to triple its investments in Japan to $48 billion in order to reduce the proportion of their dollar holdings were published. Such an investment should boost the Japanese economy, and strengthen the JPY.
Looking ahead to today, there is no significant data scheduled from the Japanese economy. Therefore, traders are advised to follow global developments in order to determine JPY direction. Special attention should be given to Oil Prices, as yesterday has proven - sinking oil prices tends to elevate the USD, and in turn run the JPY into bearish territory.
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