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JPY Daily News
Japanese Yen Receives Boost from Risk Aversion
The Japanese Yen, while matching the USD's recent gains, has proven itself one of the more valuable safe-haven investments in this recent downturn. The EUR/JPY pair, for instance, has dragged down much of the other major pairs by putting heavy selling pressure on the EUR, and boosting the Japanese currency to a price level not seen since 17 December 2009 against the Euro-Zone's common currency.
If world stocks continue to plummet in this risk averse environment, the JPY could continue rising just as the USD is predicted to do if the market falls short of expectations. The few data releases from Japan have been less than stellar, but the JPY performs better when stocks in Europe and the United States fall, regardless of economic performance in the island economy. If today's data releases show Europe's economy continue its deterioration, the JPY will likely receive heavy support from an increase in risk aversion.
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