Stock:
Symbol Lookup
Register | Login
...
History
...
...

Pre Market | Dow Jones | Gold | Newsletters | Learn


Forex Market Update: Yen Rises Sharply

Friday, February 8, 2013 5:22 PM
The Japanese yen rose sharply against the U.S. dollar and the euro on Friday following comments from Japan’s finance minister. The euro, meanwhile, weakened against the dollar as comments from European Central Bank (ECB) President Mario Draghi continued to weigh on the single currency. The yen has fallen sharply in the last few weeks. On Wednesday, the Japanese currency fell to multi-year lows against the dollar and the euro. Traders have been bearish on yen after the Bank of Japan (BOJ) implemented an aggressive bond buying program and also raised the inflation target to 2%. Meanwhile, speculation that the BOJ could implement further easing measures amid pressure from Japanese Prime Minister Shinzo Abe also weakened the yen. However, comments from Japan’s finance minister Taro Aso suggest that not everyone in the Japanese government is pleased with the yen’s recent drop. Aso said that the Japanese currency’s fall has been steeper than intended. The comments suggest that the new BOJ Governor may restrain from further easing measures. The BOJ’s current Governor steps down next month and prior to Aso’s comments there had been speculation that Abe might appoint a more dovish central bank chief, who will implement further easing measures. Speaking to Reuters, Camilla Sutton, Chief Currency Strategist at Scotiabank, said that watching BOJ candidates is key for dollar/yen leading into March. Sutton said that she holds a relatively modest year-end dollar/yen forecast of 95. On Friday, the euro fell 1.2% to 123.92 yen. The single currency fell to an intra-day low of 123.40 yen earlier in the day. The dollar fell 0.9% to 92.78 yen on Friday after touching an intra-day low of 92.15 yen. The euro also fell against the dollar as comments made by ECB President on Thursday continued to weigh on the single currency. At last check, the euro was down 0.3% to $1.3362.
PRINT

FREE Options Trading Lessons
I'll show you how to unlock HUGE Gains with Options Trading
Let's make 2014 the year you get RICH!

Latest Headlines

Exclusive: Microsoft CEO Nadella to visit China amid antitrust probe - sourceExclusive: Microsoft CEO Nadella to visit China amid antitrust probe - source
BEIJING (Reuters) - Microsoft Corp Chief Executive Officer Satya Nadella is set to visit China in late September, a source familiar with the matter said on Thursday, as the Chinese government conduc...
Asia shares up on steady Wall St., euro clings to slim gainsAsia shares up on steady Wall St., euro clings to slim gains
TOKYO (Reuters) - Asian stocks crept up early on Thursday following another steady performance by Wall Street shares which hovered near record highs, while the euro clung to modest gains after rebou...
Boeing plan would bring Silicon Valley services to its South Carolina siteBoeing plan would bring Silicon Valley services to its South Carolina site
NORTH CHARLESTON S.C. (Reuters) - Boeing Co is expected to receive final approval on Thursday to build what could be a Silicon Valley-style corporate campus as part of a major expansion of its facto...
Harried euro gets reprieve ahead of inflation testHarried euro gets reprieve ahead of inflation test
SYDNEY (Reuters) - The euro clung onto modest gains early on Thursday, having snapped three straight sessions of declines as feverish speculation of an imminent round of easing by the European Centr...
UK to enjoy fastest growth since 2007: British Chambers of CommerceUK to enjoy fastest growth since 2007: British Chambers of Commerce
LONDON (Reuters) - Britain`s economy looks set to grow at its fastest rate since 2007 this year, but the rapid pace is unlikely to be sustained, the British Chambers of Commerce said on Wednesday afte...

Loading Headlines...
 

Stock Market

Track the stock market today with the latest news and information on all things investing! Watch your stocks perform throughout the day and watch the breaking stock market news.

Feedback | disclaimer | privacy policy

Stock Market News

The Stock Market is ever changing. Keep up on your stock market news.

Stock Market Newsletters

Read up on your favorite stock market newsletters.


Learn the Stock Market

Sharper your stock trading skills with our stock market education section.