JPY Daily News

Yen Reverses its Earlier Losses on Auto Bankruptcy Fears

The Yen strengthened on speculation President Barack Obama will let U.S. automakers go bankrupt, reviving demand for the Japanese currency as a refuge from the global financial crisis. The Yen advanced to 98.67 versus the USD from as low as 99.47 earlier and from 98.96 yesterday. Japan's currency also strengthened to 130.43 per EUR from as low as 131.89 earlier and from 131.13.

Yesterday, however, was not a very successful day for the Japanese currency. The Yen slid on a surge in Japanese investors' demand for foreign currencies on the last day of Japan's financial year. The JPY fell against the Dollar, extending its worst quarterly loss since 2001, after a Bank of Japan (BoJ) survey showed business sentiment dropped the most on record, reducing demand for the currency. The Yen also weakened versus the EUR after reports this week showed factory output dropped for a 5th month and the unemployment rate climbed to the highest in 3 years.

Current Time: 05/27 05:01 GMT

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#	Time	$€£¥	Event	Per.	Prev.	Fore.	Act.	Imp.
04/01
	00:50	JPY	Monetary Base	y/y	6.4%	6.8%	6.9%