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Yen Tumbles as Demand for Safe-Haven Currencies Plunges
The Japanese yen fell against most of its major currency rivals as speculation that European policymakers will agree on a rescue plan for the sluggish Greek economy has reduced demand for the Japanese currency as a safe-haven investment.
Since the opening of this week's trading session the global press is filled with estimations that European leadership will once again bailout Greece's economy in order to prevent a global crisis. This has reduced the appeal of both the yen and the U.S. dollar as alternative investments in time of crisis.
The yen fell about 160 pips against the euro, and the EUR/JPY cross has reached as high as the 103.60 level. The Japanese currency has dropped about 140 pips against the British pound, taking the GBP/JPY cross to the 119.10 level.
Looking ahead to today, the main event that looks to impact the yen remains the fragile European debt crisis. In case that Greece will in fact manage to prevent default, the Japanese currency looks to continue with the bearish trend. Otherwise, yesterday's losses will be no more than a temporary technical correction.
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