The Japanese yen rose against its major rivals on the Forex market during Monday’s trading, driven by the risk averse sentiment of traders.
The yen is the official currency of Japan. It was introduced in 1871 and allowed to freely float at 1973. The yen is the third major reserve currency after the dollar and the euro. The yen is considered a safe currency; therefore it is sought by traders in times of uncertainty and instability. Low interest rates in Japan (near zero), combined with high liquidity of the currency, make the yen used in the practice called carry trade.
Japanese Yen News Archive
The Japanese yen was strong against its most-traded rivals during the quiet Friday trading, though light volumes ensured that the currency’s moves were not significant.
The Japanese yen started today’s session by gaining some ground against major currencies before losing most of its gains during the American trading session. The strengthening of the Japanese yen followed today’s announcement by the Bank of Japan regarding interest rates on deposits made using the yen.
The Japanese yen slid against its major peers today even though the Bank of Japan left its monetary policy unchanged and was relatively optimistic in the policy statement.
The Japanese yen climbed against the US dollar on Monday, as currency traders anticipated the latest monetary policy decision from the Bank of Japan. The central bank will release a statement containing its latest policy decision overnight.
The Japanese yen traded higher against the US dollar following today’s economic releases from Japan even though the data was not particularly good, failing to reach analysts’ expectations.
The Japanese yen remained soft against most major currencies on Monday, though it managed to pare losses versus the US dollar by now, but not before reaching the lowest level since February.
The Japanese yen dropped against other most-traded currencies (even the euro that dropped sharply yesterday) as the rally of global stocks limited demand for safety provided by the Japanese currency.
The Japanese yen rose against the US dollar but fell against such currencies as the euro and the Great Britain pound today as Japan’s economic growth failed to meet economists’ expectations.
The Japanese yen attempted to rally at the start of the current trading session but has failed and is trading below the opening level against its major rivals as of now. Economic data released over the trading session was better-than-expected but that did not make it actually good.