The Japanese yen slipped today against other major currencies amid rumors that Japan will not be blamed for currency manipulation on the Group of Twenty meeting.
The two-day G20 meeting of finance ministers and central bankers started today in Moscow. There were speculations that currency wars would be the main theme of the meeting. Yet now there are indications that politicians are not going to point at specific countries as exchange-rate manipulators.
Yen bears found a new confidence in the news. Japan is desperately needs boost and the nation’s government will likely continue devaluing the currency to give that boost unless somebody will stop them. And now it does not look like the G20 members are going to do that.
USD/JPY rose from 92.85 to close at 93.53 today. EUR/JPY went up from 124.07 to 124.59 after falling to 122.87, while GBP/JPY ticked up from 143.87 to 145.12.
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