The Japanese yen rose by the most in February against the U.S. dollar and posted the considerable gains versus the euro and the pound as the investors and traders became less confident in the U.S. stimulus plans and were reluctant to buying anything else than the yen or the greenback.
The recent uprise of the yen-based currency pairs was connected to the global growth of the stock markets and the elevated optimism of the market participants that believed that the U.S. «bad bank» plan will be soon adopted. Now it seems that the plan is no longer on the U.S. governments agenda and the liquidity-providing measures will be less interesting.
According to some of the currency analysts, another reason of the Japanese yens growth today can be seen in the exporters buying the currency. Perhaps, they have some long-term expectations for its growth and to preserve at least a part of their competitiveness they decide to buy the yen at its current levels.
USD/JPY fell from 92.11 to 91.43 as of 9:47 GMT today. EUR/JPY declined from 119.47 to 118.15 with a daily low at 117.08. GBP/JPY went down from 136.42 to 135.49 after falling as low as 133.60 today.
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