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

Nokia to name Rajeev Suri as next CEO on Tuesday: reportNokia to name Rajeev Suri as next CEO on Tuesday: report
HELSINKI (Reuters) - Nokia <NOK1V.HE>, which is set to close the sale of its phone business to Microsoft <MSFT.O>, will on Tuesday name Rajeev Suri as its next CEO and outline its new stra...
Standard & Poor's affirms France credit ratingStandard & Poor's affirms France credit rating
PARIS (Reuters) - Standard & Poor`s on Friday affirmed France`s long-term credit rating at AA and its short-term credit rating at A-1+ with a stable outlook, citing the government`s efforts to imp...
China urban jobless rate edges down to 4.08 percent at end-MarchChina urban jobless rate edges down to 4.08 percent at end-March
BEIJING (Reuters) - China created 3.44 million new jobs in cities in the first three months of this year, bringing the urban jobless rate down slightly to 4.08 percent, the labor ministry said on Frid...
Fed, OCC differ in enforcing leveraged lending guidelinesFed, OCC differ in enforcing leveraged lending guidelines
NEW YORK (Reuters) - Some major U.S. banks are privately complaining that they are getting the short end of the regulatory stick when it comes to the profitable business of lending to heavily indebt...
New report calls U.S. a 'rising star' of global manufacturingNew report calls U.S. a 'rising star' of global manufacturing
(Reuters) - Call it the comeback kid. A new ranking of the competitiveness of the world`s top 25 exporting countries says the United States is once again a "rising star" of global manufacturing th...

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.