JPY Daily News

Yen Strengthens As Risk Appetite Decreases

The yen rose against most of the major currencies during last week's trading session. The yen gained about 250 pips against the dollar, as the USD/JPY pair dropped below the 87.00 level. GBP/JPY fell about 200 pips as well.

The yen strengthened last week as negative data from the U.S. economy has declined risk-appetite in the market and turned investors to look for safer assets. The poor housing data and the negative employment data from the U.S. have led to doubts regarding the state of the economic recovery, causing investors to invest in the Japanese currency. In addition, several positive economic publications from Japan have supported the yen. The most significant data was the Tankan Manufacturing Index, which is a survey of large manufacturers who are asked to rate their general business conditions. The quarterly survey rose for the fifth time in a row, providing positive figure for the first time in 8 months.

As for this week, traders should follow the major publications from the Japanese economy, such as the Core Machinery Orders and the Japanese Current Account, which are expected on Wednesday night. Traders are also advised to follow Japanese equity markets as they tend to have a large impact on the yen.

Current Time: 05/27 05:26 GMT

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