| Forex News Center | | | JPY News Archive |
JPY Daily News
JPY Gains Ground Versus Dollar
The JPY made moderate gains against the Dollar in yesterday's trading as there was panic when global stock markets made heavy losses as a correction may be under way, and as the banking system continues to be unstable. The Yen was also boosted by the weak Japanese economic figures, prompting investors to put money into the Yen. Thus the Yen returned yet again to the forefront as a safe-haven currency. This was compounded by HSBC announcing that despite high profits, the coming year will be a tough. This helped push down other banking stocks, and stocks such as Sony, Toyota, and Mitsui, as they also lost some ground in Monday's trading.
The Yen took nearly 100 pips away from the Dollar to close up 1% at 97.29. The JPY made large inroads into the EUR to close up nearly 200 pips at 132.23. The gains against the GBP were even more impressive at 250 pips to close at 147.08. This all comes about as the fears of economic uncertainty fail to disappear. Thus if there is a stock market correction in the coming weeks, then there is a likelihood that the Yen will continue its bullish trend in the medium-term. If this is the case, then within the next several days, the USD/JPY rate may hit below 96.00. As of today, traders are advised to follow the Current Account and Bank Lending data releases at 23:50 GMT.
Add events to google calendar
Mark all
Unmark all
Print| # | Time | $€£¥ | Event | Per. | Prev. | Fore. | Act. | Imp. |
|---|---|---|---|---|---|---|---|---|
| 05/12 | ||||||||
| 06:00 | JPY |  Leading Indicators | 75.0% | 77.1% | 76.6% |  | ||
| 07:00 | JPY | Prelim Machine Tool Orders | y/y | -85.2% | - | -80.4% | | |
| 00:50 | JPY | Bank Lending | y/y | 3.4% | * | 3.4% | | |
| 00:50 | JPY | Current Account | 0.67T | 0.51T | 0.90T | | ||
| 00:50 | JPY | M2 Money Stock | y/y | 2.2% | 2.3% | 2.6% | | |
