The Japanese yen rose against its major counterparts today, following the bearish session yesterday, as the traders expect some rise in the risk averting sentiment among the market participants before fundamental releases, stress test results.
The yen rose against the U.S. dollar, the euro and the pound (and even a rather bullish Aussie) as the traders expect a speech by Fed‘s Ben Bernanke later today. They also expect some moderately pessimistic reports on the employment and real estate markets tomorrow. European banks’ stress test results are to be released this Friday and there are concerns that they won’t be as good as some euro optimists expect. This all spur the popularity of the “safe haven” Japanese yen.
USD/JPY fell from 87.43 to 87.06 as of 9:20 GMT today. Meanwhile, EUR/JPY declined from 112.71 to 112.00 and GBP/JPY, having fallen the least, demonstrated a drop from 133.51 to 133.04.
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