Yen Gives Away Gains, Retains Part of Its Strength

The Japanese yen gave away some of its yesterday’s gains on speculations that the gains were too big. Additionally, there was an opinion that the Bank of Japan will add stimulus later, driving the currency down.
The BoJ refrained from easing its monetary policy further yesterday, leading to an impressive rally of the yen. The currency did not reverse the upward trend yet and actually tries to rebound. The Nikkei index fell, breaking below the 13000 and adding to the downside pressure on the Japanese currency.
USD/JPY went up from 96.00 to 96.59 as of 11:42 GMT today, while its daily high was at 97.01. EUR/JPY advanced from the opening level of 127.81 to 128.21, but retreated from the daily maximum of 129.33.

If you have any questions, comments or opinions regarding the Japanese Yen,
feel free to post them using the commentary form below.

Leave a Reply

Your email address will not be published. Required fields are marked *

− three = four