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JPY Daily News
Yen at 15-Years High vs. Dollar
The yen rose to a 15- year high against the dollar on Tuesday after Japan's prime minister won a ruling party leadership vote, reducing the chances Japanese authorities would attempt to stem yen gains. The USD/JPY fell as low as 82.91, its lowest level since mid-1995 before correcting itself. Currently the pair is trading around the 84.60 level.
The yen has gained more than 10% against the dollar this year as recent weak U.S. data and record low bond yields drove money away from U.S. assets.
Investors worry over a recent rise in the JPY as it makes Japanese products less competitive abroad and hurts the value of overseas sales when translated back into the Japanese currency. With steady gains primarily against the dollar, much of the yen's bullish movement could be contributed to the repatriation of overseas earnings by Japanese companies into the local economy. This has had a positive effect on major JPY currency pairings, as the rising turmoil in the market is leading to greater investment in the Japanese currency.
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Print| # | Time | $€£¥ | Event | Per. | Prev. | Fore. | Act. | Imp. |
|---|---|---|---|---|---|---|---|---|
| 09/15 | ||||||||
| 00:50 | JPY |  Tertiary Industry Activity Index | m/m | -0.1% | 0.7% | 1.6% |  | |
