JPY Daily News

Yen Falls on Reduced Safe-Haven Buying

The increase in risk appetite kept the yen on its back foot yesterday as Japanese fundamentals continue to point to a worsening economy. Growth prospects for Japan are waning and this was highlighted by Moody's when the ratings agency signaled a warning for Japan's credit rating. The economic assessment earlier in the week for the month of May did little to increase investor confidence in the Japanese economy which likely fell into a recession prior to the earthquake and tsunami on March 11th. As such the yen should remain on its back foot barring a catalyst that would cause a shift back into lower yielding safe-haven assets such.

Yesterday the USD/JPY rose to a high of 82.21 from 81.79 before settling back to 81.92. Further USD/JPY targets to the upside may be retracement levels from the April to May move at 82.50 followed by 83.25.

Current Time: 05/27 04:12 GMT

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#	Time	$€£¥	Event	Per.	Prev.	Fore.	Act.	Imp.
05/25
	04:30	JPY	BoJ Governor Shirakawa Speaks		*	*	*
	00:50	JPY	CSPI		-1.2%	-1.0%	-