Japanese Yen Gains Against Majors After Losses Last Week

Japanese yen is higher today, gaining against its major counterparts following last week’s losses. Weak data weighed on the yen last week, but this week the currency’s performance is driven by world events. For now, there is enough concern that the Japanese yen is up mostly across the board.

Japanese yen was weaker at the end of last week, thanks to weaker than expected GDP data and rumors that more stimulus would be needed. But yesterday the currency began strengthening against its major counterparts. Japanese leaders are looking to expand fiscal policy without more monetary easing, and that is offering some hope that the yen will remain at least a little stronger.
Today, there isn’t new data expected for the yen. Instead, currency movements are being by global events. New data releases out of the United States, as well as new concerns about a post-Brexit world and concerns about what’s next for the eurozone are weighing on other currencies and providing some support for the Japanese yen.
At 14:08 GMT USD/JPY is lower, dropping down to 100.21 from the open at 101.25. EUR/JPY is also lower, falling down to 113.01 from the open at 113.24. GBP/JPY is also lower, dropping down to 130.39 from the open at 130.42.

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