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Yen Jumps After Falling to Lowest Price in Several Months

February 27, 2012 at 15:19 by Vladimir Vyun

Scattered 10,000-yen notesThe Japanese yen reached a multi-month lows against other currencies, including the dollar and the euro, today, but surged after stocks dropped on concerns that problems in Europe will resurface again.

Moody’s Investors Service warned that probability of a default in Greece “remains high”. The Standard & Poor’s 500 Index declined 0.5 percent, the Stoxx Europe 600 Index went down 1 percent and the MSCI Asia Pacific Index lost 0.7 percent today. It looks like optimism has left the Forex market and traders again are making bid for safety.

USD/JPY slumped from 81.22 to 80.31 as of 15:19 GMT today after it touched 81.66 — the highest rate since May 31. EUR/JPY went down from 109.40 to 107.56 following the jump to 109.95 — the high not seen since October 31.

If you have any questions, comments or opinions regarding the Japanese Yen, feel free to post them using the commentary form below.

2 Responses to “Yen Jumps After Falling to Lowest Price in Several Months”

  1. Miles Hamer

    Do you see GBP/JPY over 130 in the short term?

  2. Andrei Moraru

    Yes, I do. Next few weeks at max.

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