Yen Falls against High-Yeilders

Japanese yen continued to fall against other currencies today during the Asian session after the Reserve Bank of Australia lifted its interest rate to the historically high value â€” 7.00%.
Investors sought to gain interest-based profits on such currency pairs as AUD/JPY, NZD/JPY and GBP/JPY, while the economy recession risks were slightly pulled back by the recent Fed’s rate cuts.
Many Forex traders moved out of the carry trade positions after the global financial crisis has started, but it seems that the yen is not going to grow as fast as it has been going down for several years. Periods of correction and high volatility will probably be significant in the trends of the yen-based currency pairs.
Today AUD/JPY and NZD/JPY both gained almost 50 pips during the Australasian Forex trading session, while GBP/JPY moved up by almost 70 pips.

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