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JPY Daily News
Japanese Yen Pares Losses as Risk Aversion Jumps
The Japanese yen, which took a sharp dive yesterday against most of the other major currencies, pared most of those losses in yesterday's late trading sessions after Moody's Investor Services downgraded Greece's bond rating. Yen pairs and crosses were last seen moving in a direction favorable to the JPY as the shift in risk aversion has helped boost safe-havens like the yen and Swiss franc (CHF).
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 Tuesday's news from Moody's about reviewing Japan's bond rating reversed much of this sentiment until yesterday's shift in risk appetite.
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