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JPY Trading Mixed as Investors Digest BOJ Intervention
The Japanese yen (JPY) was seen trading with mixed results versus most other currencies this week after news began to shift many traders back into safe-haven assets and the Bank of Japan (BOJ) intervened once more in the forex market. The yen has been a top performer these past several months considering many traders bank on the Japanese carry trade during times of intense risk appetite and move towards the JPY in times of risk aversion, making it an appealing currency in these recent times of ominous debt talks.
The JPY was in a position to take losses yesterday as the $100 billion fund set up by the BOJ to address the meteoric rise of the yen began to gouge the currency's value. Moves toward riskier currencies halted as pessimism took hold and drove much of yesterday's trading liquidity towards traditional stores of value. As such, traders appear to be anticipating an uptick in the JPY prior to this week's close, though the sentiment is being matched by pressures generated by the BOJ intervention.
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