Yen on Back Foot as Investors Have Confidence to Risk

The Japanese yen was on a defensive during the Wednesday’s trading session as the market sentiment continued to favor riskier currencies over safer ones.

Fears caused by the French Presidential election continued to recede as markets welcomed the outcome of the first round of voting. Traders will watch tomorrow’s policy statement of the Bank of Japan, which may show whether Japanese policy makers plan to end extremely accommodative monetary policy in the foreseeable future. Outside of Japan, market participants focus on plans of US President Donald Trump to reduce corporate income tax.

USD/JPY ticked up 111.06 to 111.25 as of 7:53 GMT today, touching 111.51 intraday — the highest level since April 10. EUR/JPY traded at 121.41, a little above the opening level of 121.33, but retreating from the daily high of 121.98, which was the strongest level since March 17.

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