The Japanese yen opened sharply higher against such major rivals as the US dollar and the euro, fell back to the Friday’s close but returned to trade near the opening as of now. The yen’s performance against the Great Britain pound was a totally different matter as the Japanese currency continued to move higher after the initial opening.
Markets continue to recover from the aftershock of Britain’s referendum outcome. There is still a very high degree of uncertainty about the future of Britain and global markets. This is likely to cause extremely volatile trading, and therefore traders seek safer options, like the yen.
USD/JPY traded at about 101.69 as of 12:24 GMT today after closing at 106.14 on Friday, opening at 101.51 on Monday, and rising to 102.46. GBP/JPY dropped 1.7% from 136.30 to 133.86.
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