The Japanese yen rallied today as the continuing slide of crude oil prices and concerns about the Chinese economy made traders appreciate the safety of the currency yet again.
Crude oil extended its earlier slide, falling more than 2% today. Economic data from China was good but led to concerns that Chinese policy makers may refrain from additional stimulus as the economy stabilizes. All those factors helped the yen to overcome the negative impact of remarks from Japanese officials that hint at a possible intervention.
USD/JPY declined from 109.39 to 108.98 as of 13:09 GMT today. EUR/JPY dropped from 123.26 to 122.87.
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