Yen Gains after One Corrective Session

The Japanese yen rose against the U.S. dollar, the euro and the pound today after posting a huge loss yesterday and the traders reviewed their outlook of the global recession process.
The Group of 20 nations summit is starting today at Washington, U.S. It will try to come up with the decision aimed toward the global financial crisis and protecting the nations from the impact of this crisis. Traders are generally skeptical about this meeting and its possible results.
The Japanese yen — the «safe harbor» of the currencies — posted a gain today against the other major currencies after losing a lot yesterday as the stock markets showed a strong (over 6 percent) growth in U.S. The yesterday’s correction was caused mainly by the technical factor, while the today’s growth of the yen is the continuation of the general long-term trade, as many Forex traders believe it.
The yen dominance over the dollar and the euro may continue to grow on the currency markets after the G20 summit as it’s quite doubtful that the really effective decisions will be carried out there. Analysts believe that the U.S. and European officials won’t have a chance to discuss some important problems of the global economy.
USD/JPY declined from 97.70 to 96.95 as of 8:46 GMT today. EUR/JPY rate decreased from 124.92 to 123.14, while GBP/JPY fell from 144.89 to 144.11 after correcting the least among the majors yesterday.

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