The Japanese yen showed some really strong growth against the other Forex most-traded currencies today as the investors favored the Moodys upgrade of the Japans yen debt rating.
Despite the weak performance of the Japanese stock market today the countrys currency showed one of the fastest growing day this month against dollar, euro and pound after Moodys news about rating upgrade. It also rose against the Australian and New Zealand dollars today.
Trades generally consider the upgrade of the Japanese domestic debt securities from A1 level to Aa3 a great opportunity to go long on the yen. According to the Moodys the Japanese economy wont be as damaged by the global financial crisis as the economies of the European countries and U.S.
USD/JPY declined from 106.21to 105.32 today as of 9:06 GMT, while the lowest daily value was 104.98. EUR/JPY sunk down from 167.55 level to 166.61, with a daily minimum at 166.08 (lowest in more than 2 weeks). GBP/JPY experienced a biggest daily drop since June 2 today — it fell from 211.79 to 210.04 with a daily low at 209.39.
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