Yen Lower Despite Risk-Averse Environment

The Japanese yen declined today despite the prevailing risk-aversion on the Forex market after the International Monetary Fund lowered its growth forecast for the world economy.
The yen was rising at the start of the current trading session as the IMF made small negative revisions for both this year’s and the next year’s growth. Yet the Japanese currency lost its gains and is now trading below the opening level. One of the possible reasons for such behavior is the fact that Japan’s growth was also revised downwardly, making the yen less appealing in the role of a safe haven.
USD/JPY rose from 108.02 to 108.32, and GBP/JPY advanced from 173.85 to 174.06 as of 11:34 GMT today.

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