JPY Daily News

Yen Continues its Slide against the Euro

The Yen fell for a second day against the EUR on speculation gains in Asian stocks and measures to stabilize the U.S. financial system will encourage investors to buy higher-yielding assets funded in Japan's currency. The JPY slid to 118.46 per EUR from 117.87 late yesterday in New York. However, against the Dollar, the Yen was little changed, last traded at 89.96. The JPY gathered strength as Asian shares sank, with Tokyo's benchmark Nikkei 225 tumbling nearly 5% as fears about a banking crisis and the global recession returned to center stage. The Japanese currency tends to outshine other major currencies for its perceived safety when the market is under severe stress. Thus the trend points towards the Yen firming while stocks decline.

The JPY also declined as a result of the poor machinery orders on Wednesday led to less confidence in Japan's currency. According to analysts, the Yen's bearishness is likely to be limited as the market focus is on stocks. The government data showed that Japanese core private-sector machinery orders, a key gauge of corporate capital spending fell a record 16.2% in November from the previous month. The sharp decline shows just how deep the global recession has hit Japan's economy.

Current Time: 05/27 00:24 GMT

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	00:30	JPY	BoJ Gov Shirakawa Speaks		*	*	*