JPY Daily News

Yen Hits Session Low vs. USD

The Japanese yen hit a session low in trading on Tuesday as U.S. stocks cut losses, reducing safe-haven demand for the Japanese currency. The Yen weakened to 90.46 per Dollar from 90.21.

The Yen climbed earlier on reduced demand for higher-yielding assets after the 101-year-old commercial lender CIT Group Inc. listed $71 billion in assets and $65 billion in debt in its Chapter 11 filing in U.S. Bankruptcy Court in Manhattan recently. Low interest rates in the U.S. and the bankruptcy filing of CIT Group are among the reasons Japan's currency is rising against the USD, analysts have stated.

The JPY fell against the EUR on speculation the global economic recovery will boost demand for higher-yielding assets. Japan's currency dropped to 133.89 versus the EUR from 133.32 yesterday.

Current Time: 02/13 19:34 GMT

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