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JPY Daily News
G7 Agrees To Intervene In Order Weaken Yen
After soaring to a record high against the U.S. Dollar, the Japanese yen saw a sharp bearish correction during night-trading after G7 agrees to devaluate the Japanese currency.
The yen slid after the Group of seven nations said they had agreed to stage a coordinated currency intervention in the attempt to support the Japanese economy following the devastating earthquake and tsunami affects.
The yen saw a 150 pips fall against the yen and the USD/JPY pair climbed towards the 81.50 level. This move had an even bigger impact on the euro, as the EUR/JPY pair bounced by 350 pips towards the 114.50 level.
As for today, the Japanese nuclear crisis will continue to dominate global news. Traders are advised to follow any update from Japan, as it is likely to have an instant impact on the yen. Traders should also follow any further indications regarding an intervention by the G7 or the Bank of Japan.
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