The Japanese yen tumbled today, reaching the lowest level since January against the Great Britain pound, as the Tankan survey showed a worsening sentiment in both manufacturing and non-manufacturing sectors.
The Tankan Large Manufacturers Index dropped from 17 in the first quarter of this year to 12 in the second quarter, while analysts expected it to stay almost unchanged at 16. The Tankan Large Non-Manufacturing Index slid from 24 to 19. The yen fell due to the report, as well as because of positive data from China, which reduced need for the currency as a safe haven.
USD/JPY rose from 101.33 to 101.55, and GBP/JPY advanced from 173.30 to 174.03 as of 11:03 GMT today, reaching the high of 174.16 intraday — the strongest rate since January 2.
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