| Forex News Center | | | JPY News Archive |
JPY Daily News
Yen Free-falls Following BoJ Intervention in Yen Trading
The yen tumbled against all the major currencies yesterday. It slipped about 250 pips against the dollar, causing the USD/JPY pair to rise from a 15-year low to the 85.50 level. The yen also lost about 350 pips against the euro and about 500 pips against the British pound.
The JPY saw its largest daily loss in 22 months after Japan's Finance Minister Yoshihiko Noda said the Bank of Japan actively devalued the currency. This was the first time since 2004 that the Japanese leadership decided to intervene in the forex market. The decision came after the yen saw a 15-year high against the dollar. The fear was that the strong yen would damage Japan's export industry.
As for today, the yen is likely to remain the most volatile currency of all the majors. Traders are advised to look for notifications regarding the BoJ's actions in the market, and take under consideration that if the Japanese leadership will continue to intervene, the yen may see another bearish session.
Add events to google calendar
Mark all
Unmark all
Print
