Poor Market Sentiment Attracts Traders to Japanese Yen

The Japanese yen gained today, rising to the multi-year high against the euro, as the market sentiment was not favorable to risky assets, driving investors to the safety of Japan’s currency instead.
Yesterday, the World Bank slashed its forecast for global growth in 2016 from 2.9% to 2.4%. Meanwhile, the threat of the Brexit continues to worry market participants. And on top of that, today’s data from China revealed unexpected slowdown of inflation in the world’s second biggest economy.
USD/JPY declined from 106.99 to 106.42 as of 12:23 GMT today, trading near the lowest level since May 3. EUR/JPY tumbled 1% from 121.91 to 120.76, touching the lowest since April 2013.

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