JPY Daily News

Yen Experiences Mixed Result against Major Currency Rivals

Japan sank deeper into recession in the 3rd quarter and is reportedly considering $216 billion in new stimulus spending to prevent the country's fall further into economic turmoil. This is in response to yesterday's news that Japanese electronics giant Sony Corp. said it will cut 8,000 jobs as part of a restructuring effort to save $1.1 billion in costs. Also, Citigroup reported that it will cut 1,000 jobs in Japan. In response to the news, analysts expect that investors may be deterred from investing in Japan. This may in turn reduce the demand for the JPY.

As a result of negative economic news that came out of Japan yesterday the JPY finished yesterday's trading session with declines against several of its major currency pairs. This was seen against the EUR, pushing the EUR/JPY pair to 119.85. Also, the
Yen fell against the CHF, as the pair closed at 76.80.

Looking to today the Yen may fall slightly against its major currency pairs as Japanese investors may seek short-term profits from the Japanese stock market.
This might occur as analysts say that the stock market is likely to rise on yesterday's news of expected bailouts of the auto industry. Therefore, today traders may possibly trade the Yen for other currencies, such as the USD and EUR. Nevertheless, Forex traders are recommended to follow economic data releases as they come out of the developed economies.

Current Time: 05/27 03:57 GMT

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