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JPY Daily News
Yen Hits 15-Year High vs. the Dollar
The yen struck a fresh 15-year high against the dollar and edged closer to a 9-year peak against the EUR on early Wednesday on a flare-up in worries over euro zone banks, prompting market players to test the will of Japanese authorities to intervene. The USD/JPY fell as far as 83.35 before correcting itself. Currently the pair is trading around the 83.95 level.
Bank of Japan Governor Masaaki Shirakawa reiterated his reluctance to return to quantitative easing although he indicated the central bank was weighing its options on how to deal with the economic impact of the yen's strength.
Investors worry over a recent rise in the JPY as it makes Japanese products less competitive abroad and hurts the value of overseas sales when translated back into the Japanese currency. With steady gains primarily against the dollar, much of the yen's bullish movement could be contributed to the repatriation of overseas earnings by Japanese companies into the local economy. This has had a positive effect on major JPY currency pairings, as the rising turmoil in the market is leading to more investment in the Japanese currency.
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Print| # | Time | $€£¥ | Event | Per. | Prev. | Fore. | Act. | Imp. |
|---|---|---|---|---|---|---|---|---|
| 09/09 | ||||||||
| 06:00 | JPY |  Household Confidence | 43.3 | 43.8 | 42.4 |  | ||
| 07:00 | JPY | Prelim Machine Tool Orders | y/y | 144.9% | * | 170.0% | | |
| 00:50 | JPY | Final GDP | q/q | 0.1% | 0.4% | 0.4% |  | |
| 00:50 | JPY | Monetary Policy Meeting Minutes | * | * | * | | ||
| 00:50 | JPY | CGPI | y/y | -0.1% | -0.2% | 0.0% | | |
