The Japanese yen fell today as the International Monetary Fund voiced opinion that the currency is overvalued and Japan’s monetary authorities should take steps to weaken the yen.
The IMF stated that the Japanese currency is “moderately overvalued”. David Lipton, the First Deputy Managing Director of the IMF, suggested that Japan’s policy makers should perform an intervention. Losses of the yen were limited as demand for safety rises on the Forex market.
USD/JPY was flat at 79.49 as of 10:03 GMT today after it touched the daily high of 79.69. EUR/JPY was up from 99.14 to 99.47.
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