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JPY Daily News
Yen Continues To Rise on All Fronts
The Japanese yen rallied against all of its major counterparts during last week's trading session. The yen's most notable appreciation came against the U.S. dollar. The USD/JPY fell to the 81.40 level, marking a 15-year low. The yen gained almost 150 pips against the euro and the British pound as well.
The yen continued to strengthen last week due to speculations that despite Japan's desire to devaluate the national currency in order to aid exports, the international criticism following its last intervention will prevent the Japanese government from acting again. Over the weekend Japan escaped overt criticism from the G7 and G20 for its yen selling intervention. Yet it seems that the Japanese leadership understands that the industrial world isn't accepting its unilateral intervention, and that investors' bets that Japan will not interfere in the currency trading have so far been fulfilled.
As for the week ahead, traders are advised to keep following Japanese statements regarding their currency intervention plans. For the moment it seems that Japan will reluctantly abandon their wish to devaluate the yen. If this occurrence will indeed take place, the yen might strengthen even further during the upcoming week.
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