The Japanese yen remains one of the strongest currencies (if not the strongest) as risk aversion plagues the Forex market, increasing the attractiveness of the currency in its role of a safe haven.
There were quite a few reasons for the yen to rally. The persisting concerns about global growth (as was highlighted in the speech of IMF chief Christine Lagarde) was one of them. The drop of global stocks was another.
The risk-adverse sentiment made commodity currencies weaker. Conversely, assets perceived to be a refuge from risk flourished. Among them were gold, the US dollar and, of course, the yen.
USD/JPY plunged from 111.32 to 110.36 as of 22:48 GMT today, trading near the lowest level since October 2014. EUR/JPY tumbled from 126.78 to 125.60. GBP/JPY slid from 158.77 to 156.32.
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