Yen Falls Affected by Global Optimism

The yen is having a hard time this week as risk appetite rose globally, decreasing attractiveness for the relative safety available in assets in the Asian country, being of the worst performers during the past days in forex markets together with the U.S. dollar.
The Japanese yen touched an eight-week low versus the euro this Wednesday after the confidence towards assets in Europe rose significantly, after the Greece budget crisis may have found a solution after EU and the IMF proposed new ideas to fund the southern European country on its way out of the fiscal crisis. A report in Japan is likely to bring more optimism towards overseas assets, as forecasts expect it to show an increase in confidence regarding Japanese industries with investments globally.
After pessimism cooled down in Europe this week as a solution for Greece’s crisis has been eventually found, the yen is losing systematically versus multiple currencies, as investors are once again confident regarding the global economic recovery.
EUR/JPY traded at 126.29 as of 23:42 GMT from a previous intraday rate of 124.93.

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