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JPY Daily News
The Yen Strengthens vs. Majors
The Yen gained against the U.S Dollar, hitting a 4-week high after Japan Airlines filed for bankruptcy protection as expected, owing more than $25 billion. Traders said the bankruptcy of JAL may lead to Yen repatriation as the company may have to liquidate some of its dollar-buying derivative contracts or repatriate overseas assets, helping the currency.
The Japanese Yen also advanced against the EUR and Australian Dollar after the People's Bank of China guided its benchmark one-year bill yield to the highest level in 14 month as it seeks to curb record loan growth and prevent bubbles in the nation's property and stock markets. Japan's currency jumped 0.6% to 83.63 per Australian Dollar and was 0.3% higher at 129.65 per EUR, the lowest since Dec. 21.
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