JPY Daily News

Yen Collapses Against the Majors

The Yen collapse against the major currencies in Monday's trading session. This came about as global stock markets rallied, led by banking stocks. In turn, traders dropped the Yen for higher-yielding assets. This included currencies such as the GBP and EUR, and commodities such as Crude Oil. The Japanese currency also fell due to Japanese analysts stating that a downward correction for the Yen will soon be under way.

The USD/JPY slid about 50 pips to 92.89. The GBP/JPY pair rose dramatically by 180 pips to 150.89. The Yen's bearish behavior may continue into today's trading, as Monday's pessimistic Revised Industrial Production figures may put additional downward pressure on the JPY. Today, the Yen is expected to take the backseat due to a lack of key economic releases. Therefore, expect much market volatility to dominate JPY trading.

Current Time: 05/27 00:23 GMT

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