Global Recovery Makes Yen Less Attractive

The Japanese yen extended today its yesterday’s decline versus the U.S. dollar and the euro as the signs of the accelerating global recovery diminished the appeal of the Japanese currency as the safe haven.
The forecasts about the improving situation on the U.S. labor market add to the signs of the widening economic recovery. In the same time, the speculations that the new Japan’s leader will encourage the depreciation of the yen make the currency less attractive to the investors.
USD/JPY rose to about 92.69 as of 12:12 GMT today from its opening rate of 92.12. EUR/JPY traded near 113.66.

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