The Japanese yen fell today as commodities and stocks recovered, decreasing demand for the currency as a safe haven, while the nation’s economy continued to weaken.
The Thomson Reuters/Jefferies CRB Index of raw materials rose 2.3 percent yesterday, posting the first gain in four sessions. Japanâs Nikkei 225 Stock Average gained 0.3 percent today.
Japans gross domestic product shrank 0.9 percent last quarter, according to the preliminary estimate of the Cabinet Office, following the decline by 0.8 percent in the previous three months. Analysts predicted a smaller decline of 0.5 percent. The worsening of the economy was attributed to the earthquake in March.
USD/JPY traded at 81.63 today as of 1:14 GMT, following advance from 81.39 to 81.67 on the previous trading session. EUR/JPY rose to 116.54 after it gained from 115.89 to 116.38.
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