Yen Declines as Demand for Safety Wanes

The Japanese yen fell for the third day against the U.S. dollar and the euro amid the speculation that the global economy recovers with the accelerating pace, reducing the demand for the yen as the safe currency.
The report on Friday showed that the University of Michigan consumer sentiment index rose more than expected, adding to the signs of the economic recovery. The demand for the safety of the Japanese currency wanes as the consumers and the traders feel themselves more confident in the state of the economy.
USD/JPY traded near 91.91 as of 8:59 GMT today, rising from the opening price of 91.72. EUR/JPY traded at 112.35.

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