JPY Daily News

JPY Rises as Investors Turn to Safety

The Japanese yen rose to a 7-week high against the euro on signs the global economic recovery is slowing, turning investors to the safety of the Japanese currency as a refuge. The yen appreciated versus 15 of its 16 major counterparts after the release of disappointing U.S. economic data Thursday which showed that filings for U.S. unemployment benefits were more than forecast last week and a gauge of manufacturing in the Philadelphia region unexpectedly fell.

Japan's currency climbed to 109.09 per EUR in today's early trading from 109.49 in New York yesterday, after reaching 109.02, the highest level since July 1. The JPY rose to 85.24 per USD from 85.39 yesterday.

Weighing on the JPY is recent talk about possible intervention by Japan to stop the appreciation of the yen that is hurting Japanese exporters. Japan's economy is heavily reliant on exports and, therefore, its fragile economic recovery. A strong yen can curtail the Japanese recovery.

Current Time: 05/26 22:03 GMT

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