During the North American session the Yen weakened against the US Dollar and several of its other main rivals as the American currency, and investor’s appetite for risk, was supported by a positive US manufacturing report.
The Japanese Yen exchange rate was in the region of 151.5950 Yen to one British Pound as of 10:45 am GMT
The Asian currency approached the psychological 100 Yen per Dollar level, weakening to 99.9000, after the Institute for Supply Management published a manufacturing index which revealed that the gauge hit a three-month high of 50.9 of June. The result was better than the climb to 50.5 economists expected.
The positive result has added to speculation regarding a potential timeframe for the Federal Reserve reining in quantitative easing.
Yesterday’s surprisingly strong Japanese data, which showed that optimism among the nation’s manufacturers had hit a two-year high, also continued to bolster higher-risk assets at the cost of the safe-haven Yen during local trade.
The GBP/JPY exchange rate hit a low of 151.1300
However, the Pound was moderately weaker against the Yen during the European session.
The British currency advanced yesterday following the publication of better-than-forecast UK manufacturing data, but eased back from its high of 152.2280 Yen per Pound after a separate report showed that the UK construction sector expanded by less than forecast in June.
Japan’s labour cash earnings data hit estimates.
While tomorrow’s Chinese non-manufacturing PMI is likely to inspire movement in the Yen, investors will largely be looking ahead to Friday’s influential US employment figures.
Thursday’s speech by Bank of Japan Governor Haruhiko Kuroda will also be of interest.
Current Japanese Yen (JPY) Exchange Rates
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The US Dollar/Japanese Yen Exchange Rate is currently in the region of: 99.7200 >
The Pound Sterling/Japanese Yen Exchange Rate is currently in the region of: 151.5950 <
The Euro/Japanese Yen Exchange Rate is currently in the region of: 129.9970 <
The New Zealand Dollar/Japanese Yen Exchange Rate is currently in the region of: 77.6975 <
The Australian Dollar/Japanese Yen Exchange Rate is currently in the region of: 91.6710 <
(Correct as of 10:45 GMT)