JPY Daily News

Yen Gains After Fed Statement

Japan's Nikkei average slipped 0.5 percent on Wednesday, as the yen edged higher after the Federal Reserve's latest statement on the U.S. economy intensified speculation that it would take more quantitative easing steps later this year. The yen rose above the 85 level vs. the greenback, with market players saying that uncertainty about the likelihood of more intervention was keeping investors sidelined, particularly ahead of a Thursday holiday in Japan.

Despite the gains made against the dollar, the yen continues to fall against the euro. The EUR/JPY pair has shot up some 85 pips since yesterday afternoon. Following the news of euro-zone debt, it appears that investors are willing to bet on the European currency vs. the safe haven yen.

Current Time: 05/27 04:18 GMT

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#	Time	$€£¥	Event	Per.	Prev.	Fore.	Act.	Imp.
09/22
	05:30	JPY	All Industries Activity Index	m/m	0.1%	1.1%	1.0%