Yen Weakens as Economic Recovery Progresses

The Japanese yen dropped today as the signs of the accelerating economic recovery decreased the attractiveness of the currency as a safe haven.
The good economic data from all around the world reinforces optimism of traders, prompting them to leave safer assets in favor of higher-yielding ones. The forecasts, like the one predicting that the ADP Employer Services report will show an employment growth by 140,000 jobs, also support the good outlook. The MSCI Asia Pacific Index of regional shares advanced 1.3 percent, the biggest gain in two months, and the Stoxx Europe 600 Index rose 0.3 percent.
USD/JPY traded near 81.45 today as of 12:21 GMT after it opened at 81.33 and reached the intraday high of 81.60. GBP/JPY traded at about 131.96 after opening at 131.29 and rising to 132.31.

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