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JPY Daily News
Yen Bearish after Finance Minister Comments
The Japanese Yen appears to be remaining within its bearish channels against most of its currency rivals. Japan typically desires a weaker currency as this helps boost its exports, but the strength the JPY has gained over the past year has put much financial strain on the island economy. Comments made by Japanese Finance Minister Naoto Kan also caused many speculators to short the yen after he declared a desire for a weaker JPY, and expressed a willingness to work with the Bank of Japan to achieve a more suitable exchange rate.
Rebuking his finance minister after such comments, Japanese Prime Minister Yukio Hatoyama stressed that government ministers should not comment on the foreign exchange market, and that stable currency values are strongly desired by Japan. For today, however, the market is likely to receive the most movement following the release of US Non-Farm Payroll data at 13:30 GMT, but traders should be aware of the negative speculative sentiment surrounding the Japanese currency as this will have an impact on its value as the week comes to a close.
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Print| # | Time | $€£¥ | Event | Per. | Prev. | Fore. | Act. | Imp. |
|---|---|---|---|---|---|---|---|---|
| 01/08 | ||||||||
| 05:00 | JPY |  Leading Indicators | 89.4% | 91.4% | 91.2% |  | ||
