Day: January 9, 2008

Japanese Yen Down Today

Tokyo based massive sale of the Japanese yen spurred the daily drawdown of this Asian currency. Residents preferred to sell the yen opting for the riskier but higher yielding currencies, such as euro, Australian and New Zealand dollar and South african rand (so called carry trade investing). The investors’ confidence for the global financial system’s stability was greatly inspired with the recent advances on the Japanese stock markets following the announcement by the U.S. government […]