The Japanese Yen is trading higher against the Pound despite the Japanese markets being closed for a national holiday. Due to the lack of activity in Japan itself the Yen has been affected by wider geo-political issues and has benefitted from the weakness in the US Dollar.
The ‘Greenback’ softened against the Yen after investor confidence received a boost after former US Treasury Secretary Larry Summers ruled himself out of the running to take over Ben Bernanke as the new Chairman of the Federal Reserve. Attention is also focused on the Federal Reserve’s two day long policy meeting that concludes on Wednesday. Following a string of disappointing data releases many are now placing bets that the Fed may refrain from tapering its monetary easing programme.
The Dollar also came under pressure against the Yen last Friday due to some tepid data out of the world’s largest economy. Last Friday, the Commerce Department said U.S. retail sales rose 0.2% in August, below expectations for a 0.4% increase. A separate report showed that the preliminary reading of the University of Michigan’s consumer sentiment index fell to a five month low of 76.8, from a final reading of 82.1 in August.
Thursday will see the release of a number of important Japanese data reports, including balance of trade, Exports, Imports and All industry activity Index. On Friday the Bank of Japan’s Governor Kuroda delivers his monthly speech.
Current Japanese Yen (JPY) Exchange Rates
The US Dollar/Japanese Yen Exchange Rate is currently in the region of: 98.7521
The Pound Sterling/Japanese Yen Exchange Rate is currently in the region of: 157.4680
The Euro/Japanese Yen Exchange Rate is currently in the region of: 132.0210
The New Zealand Dollar/Japanese Yen Exchange Rate is currently in the region of: 81.0791
The Australian Dollar/Japanese Yen Exchange Rate is currently in the region of: 92.4715
(Correct as of 12:10 am GMT)