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JPY Daily News
Yen Boosted By a Drop in Asian Stocks
Friday, 21 Aug 2009
The JPY appreciated against the Dollar and Euro in today's early trading as Asian stocks dropped, boosting demand for Japan's currency as a refuge. The Yen typically strengthens in times of financial turmoil as Japan's trade surplus makes the currency attractive.
Japan's currency rose against all 16 major counterparts as Japan's Nikkei 225 Stock Average fell 0.7% and the MSCI Asia Pacific Index of regional shares lost 0.2%. The Yen traded to 93.59 per Dollar from 94.36 in New York yesterday. Japan's currency traded at 133.16 per EUR, up from 134.22. With no major news expected from Japan, movements in global equities will continue to dominate Yen sentiment for today.
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