The Japanese yen experienced a massive sell-off today as tensions in Eastern Europe eased, improving the sentiment among Forex traders and reducing need for safer currencies, which has supported the yen yesterday.
Previously, the Japanese currency was rising as the conflict between Russia and Ukraine was escalating. Today, Russia pulled off troops from its western border with Ukraine and Russian President Vladimir Putin said he has no intention to invade. The situation was not yet resolved, but tensions eased a bit.
As a result of the improving market sentiment, traders demonstrated less demand for safety. Safer currencies, including the yen and the Swiss franc, suffered from this.
USD/JPY jumped from 101.43 to 102.25 as of 21:16 GMT today. EUR/JPY was up from 139.31 to 140.44 and GBP/JPY advanced from 169.05 to 170.43.
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