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JPY Daily News
JPY Falls on Greater Risk Taking
Friday, 14 Nov 2008
The JPY was hit with a large loss against the Dollar yesterday of more than 1.7% to close the day down at 97.07. At one point in the day the JPY was down almost 2.8%. A rise in the U.S. stock market of more than 6% helped to move the Yen lower. As equity markets recoup recent losses, investors moved money from the safety of the JPY to riskier and higher yielding assets.
On his way to the Group of 20 meeting, the Japanese Prime Minister anticipated a few steps which may help reduce the difficulties of the global financial crisis and to prevent a future economic crunch. Among the measures introduced by Japan are to reform the lending facilities of the IMF along with doubling the amount of money at its disposal.
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