Japanese yen is weaker against most major currencies today, thanks to the risk appetite that is spurring demand for higher yield assets. Global equities are rallying, and Forex traders are ready to earn a little more. The only exception is the US dollar, which is down against the yen.
With the latest news out of the eurozone, there are new hopes that the sovereign debt crisis really will be contained. Additionally, better than expected economic news released at the end of the week has the
The main exception to the yen’s universal weakness, though, is the US dollar. Yen is gaining against the US dollar on the Forex market, making gains. The news is likely frustrating to Japanese leaders, who prefer a lower yen, since it gives them an edge with exports. Intervention efforts have been made in the past to keep the yen lower, but some are starting to say that — maybe — it’s time for Japan to learn to live with a currency that sees occasional strength.
At 15:55 GMT, yen remains mostly lower, except against the US dollar. USD/JPY is down to 76.67, from the open at 76.80. EUR/JPY is higher, moving up to 104.84 from the open at 102.86. GBP/JPY is up to 120.21 from 119.51.
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