JPY Daily News

Yen Buying Accelerates

The Japanese yen continues to strengthen amid selling by Japanese exporters. The USD/JPY finished down sharply today as momentum behind the selling increases with the new year approaching. Low liquidity may have played a part in the acceleration of the pair but the downtrend is nevertheless reasserting itself with a strengthening yen.

At the end of yesterday's trading, the USD/JPY was trading at its daily low of 81.60. The pair opened at a price of 82.27.

Comments from the Japanese Finance Ministry show the government may once again step in and intervene in the FX trade to halt the appreciation of the yen. Previously the Japanese Ministry of Finance entered the markets with a $25 billion intervention which briefly put a halt to an appreciating yen. Traders and economists are split whether this will happen prior to the USD/JPY testing its yearly low at 80.23 which serves as a target for many trades.

Current Time: 05/27 00:17 GMT

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