JPY Daily News

The JPY Posts New Record Highs against Major Currencies

The Japanese currency rallied broadly on Thursday toward a 13-year peak against the Dollar and a near 7-year high versus the EUR amid growing investor anxiety about global banking woes. The JPY rose to 88.80 against the USD after rebounding from Wednesday's low of 87.09. Against the EUR, the Yen climbed 1% to 115.27. Traders said that expectations for further shrinking interest rate gaps between Japan, Britain and Europe added to the Yen's strength versus the Sterling and the EUR.

The JPY was traded near a record high against the Sterling as speculation that the deepening financial crisis will force Britain to nationalize its banks boosted the haven appeal of Japan's currency. The Yen was traded at 124.75 against the Pound after rising 0.1% yesterday and reaching an all-time low of 119.42. Japan's currency also advanced against the GBP before a U.K. report that may show unemployment climbed at the fastest pace since 1991. Analysts say that the market is reflecting the downside risk of the global economy and an increase in risk aversion by investors. As a result, the Yen carry-trade is being unwound with the Yen as the beneficiary, and this move might likely continue for some time.

Current Time: 05/26 23:26 GMT

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#	Time	$€£¥	Event	Per.	Prev.	Fore.	Act.	Imp.
01/22
		JPY	BoJ Press Conference		*	*	*
		JPY	Monetary Policy Statement		*	*	*
		JPY	Overnight Call Rate		0.10%	0.10%	0.10%
	23:50	JPY	All Industries Activity	m/m	-0.5%	-2.2%	-