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Japanese Yen Drops as Moody's Puts Japan on Path of Downgrade
The Japanese yen took a sharp dive yesterday against most of the other major currencies after Moody's Investor Services placed Japan up for a possible review that may result in a downgrade of its bond rating. After dropping to as low as 80.80 this week, the USD/JPY appears to now be moving upwards, recently climbing beyond 81.30.
Yen traders have been weighing risk sentiment lately, attempting to decipher the direction of the economy during this news heavy week. With Friday's Non-Farm Payrolls (NFP) ahead, much can be said about the increase in speculative shifts taking place in the market right now. Last week's data provided a temporary bullish uptick for the island currency, but yesterday's news from Moody's has reversed much of this sentiment.
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Print| # | Time | $€£¥ | Event | Per. | Prev. | Fore. | Act. | Imp. |
|---|---|---|---|---|---|---|---|---|
| 06/01 | ||||||||
| 01:00 | JPY |  BoJ Gov Shirakawa Speaks | * | * | * |  | ||
| 00:50 | JPY | Monetary Base | y/y | 23.9% | 24.7% | - |  | |
