There’s a bit of risk appetite in the markets, and the Japanese yen is lower as a result. even though some worries about China and Ukraine initially caused a bit of aversion, things have changed and the yen is moving lower — even against the euro.
Forex traders and investors are mostly shrugging off the disappointing growth data out of China, as well as ignoring the continued crisis in Ukraine. While political leaders around the world decry Russia’s annexation of the Crimean Peninsula, not a whole lot of substance — beyond freezing assets and announcing a few sanctions — has been done.
As a result, China and Ukraine aren’t causing enough risk aversion to help the yen along. Indeed, there is a bit of risk appetite as stocks around the world, particularly in Asia, head a little higher. Without much concern about what’s going on, there is no need for a safe haven like the Japanese yen. Plus, with Abenomics still in full swing, there is little reason for the yen to see gains right now. And the BOJ probably doesn’t want a strong yen anyway.
At 13:44 GMT USD/JPY is up to 102.4145 from the open at 102.1555. EUR/JPY is up to 141.1090 from the open at 140.9550. GBP/JPY is up to 168.8175 from the open at 168.1650.
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