The Japanese Yen rose from a two-week low against the US Dollar after Asian stocks slumped for a second day over worries over a possible cash crunch and decline in economic growth in China sent investors to shelter in safe haven currencies.
“The price action is fearful because of the potential for slowing Chinese growth,” said Chris Weston, the chief market strategist at IG Markets in Melbourne. “The Yen has for some years now been the ultimate safe haven.”
The Japanese Yen strengthened against the US Dollar
The Yen strengthened against the Dollar after two Federal Reserve Presidents spoke out over the Central Bank’s monetary easing programme. New York Fed President William Dudley said in a speech yesterday that he thinks that the Federal Reserve’s policy has not been accommodative enough.
The Yen also found support from data showing that small business confidence in Japan improved in June rising to 49.6 from the 8.2 recorded in May. The rise in confidence is a good sign for the Japanese economy and adds credibility to the Bank of Japans strong action taken to try and kick-start the nation’s stagnant economy.
Current Japanese Yen (JPY) Exchange Rates
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The US Dollar/Japanese Yen Exchange Rate is currently in the region of: 97.3574 <
The Pound Sterling/Japanese Yen Exchange Rate is currently in the region of: 150.2648 <
The Euro/Japanese Yen Exchange Rate is currently in the region of: 127.8593
The Australian Dollar/Japanese Yen Exchange Rate is currently in the region of: 90.2776 >
(Correct as of 10:20 am GMT)