The Japanese yen rose today after Standard & Poor’s said yesterday that the US top credit rating isn’t certain and as concerns about the debt of the European countries drove investors to the safety of the Japanese currency.
The Greek bond yields jumped to the highest level since the euro was introduced, while investors’ bets show a greater than 60 percent chance of default within five years. S&P said yesterday that it may reduce the US debt rating if the country wouldn’t resolve its budget problems, making the yen preferable to the dollar as a safe currency.
USD/JPY fell from 82.64 to 82.44 today as of 8:54 GMT. EUR/JPY traded near 117.61 after it earlier dropped from 11.65 to 117.08.
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