Japanese Yen Weakens on Equities & Hopes for Europe’s Recovery

The Japanese yen dropped today against the U.S. dollar and the euro as the outlook for the revival of the European economy and the strong equity markets diminished the demand for the currency as the safe haven.
The outlook for the euro became somewhat more optimistic on the speculation that the recession in Spain was halted. The slow pace of the Japan’s economic recovery doesn’t support the yen either. Some economists don’t think that the Japan’s economy that bad, though, and say that the rebound of the currency can be expected.
USD/JPY traded at about 92.89 as of 10:34 GMT today after opening at 92.65. EUR/JPY traded near 117.71 up from the opening rate of 117.33.

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