The Japanese yen gained today, advancing for the third straight session against the US dollar and the euro, as Japanese Finance Minister Taro Aso said that there is no immediate necessity to weaken the currency.
Many traders were counting on Japanese policy makers to push the yen down as they were promising earlier. Now Forex market participants are felt betrayed and are trying to get out of short positions. Aso’s comments added to concerns caused by Prime Minister Shinzo Abe, who did not mention additional stimulus as a measure needed to revive the economy.
USD/JPY went down from 96.95 to 96.10 as of 9:41 GMT today, trading near the lowest level since April 4. EUR/JPY declined from 128.40 to 127.13 — the weakest settlement since April 15.
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