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JPY Daily News
Yen Climbs Against the Dollar
The Yen soared against the Dollar yesterday, mainly as a result of the weakening USD, and not as a result of high demand for JPY. The Dollar's weakness was largely owed to the Federal Reserve's decision to keep Interest Rates near 0 at 0.25%, and announcing a mass buying of debt, by dramatically increasing the Dollar supply. The Yen's strength is also owed to the Bank of Japan's (BoJ) extremely pessimistic line by stating that Japan's economic conditions have deteriorated significantly, and are likely to keep worsening. In other times, such a saying would have generated a massive bearish trend for the JPY, but as of late, it appears that all the currencies will appreciate against the Dollar without any relevance to their local economic conditions. In the long-term, if the BoJ will continue with its desire to see a weak JPY, the Yen is very likely to depreciate over time, and traders should take this under consideration.
The JPY saw mixed results against the major currencies in yesterdays trading. The JPY rose against the USD by a dramatic 150 pips or 1.5%, as the USD/JPY cross reached as low as the 93.53 level, before finishing at the 94.55. The Yen lost 60 pips against the GBP to close at 137.01, reversing some of the GBP's losses against the Japanese currency. The EUR/JPY currency cross finished Thursday's trading session virtually unchanged to close at 129.15, as both currencies made significant gains against the greenback. As for today, Japanese banks will be closed in observance of Vernal Equinox Day. Traders are advised to follow the economic news coming from the leading regions, such as the U.S., Euro-Zone and Britain.
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