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JPY Daily News
Is the Yen Still a Safe-Haven Contender?
The JPY was among the few currencies to climb against the USD on Monday, as the currency's sharp rebound late last week from a weekly slide worried Japanese exporters and prompted them to sell the Dollar early to hedge their overseas earnings.
The Japanese currency rose slightly to 97.45 against its U.S counterpart after declining 9.6% last month. The Japanese currency has fallen nearly 11% against the Dollar since hitting a 13-year high of 87.10 Yen in January, with the slide worsening after poor GDP numbers and the resignation of the Japanese finance minister last month.
The Yen also rose against the Euro-Zone currency for a third day, climbing to 122.41 per EUR as stocks tumbled on concern that the global recession is deepening, prompting investors to buy the Japanese currency as a refuge. Analysts have said that the Yen's sharp depreciation might be stalled at the resistance level of 98.89. Since the JPY has failed to break that level in the next two weeks, the Yen might rise to as high as 94.63 against the greenback.
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