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Japanese Yen to US Dollar (JPY/USD) Exchange Rate – Yen strengthens as US impasse boosts haven demand

Japanese Yen

The Japanese Yen has advanced against all of its counterparts as US lawmakers continue to struggle to reach an agreement over the ongoing federal government shutdown and the rapidly approaching deadline to raise the debt ceiling.

Over the weekend the Yen made gains after a four hour long Senate debate ended in yet another stalemate, as a result demand for safe haven currencies jumped as investors grew increasingly nervous. Both the International Monetary Fund and World Bank added their voices to the growing number of nation’s and organisations that are demanding the impasse ends. The IMF warned that if no deal is reached it could have a catastrophic impact on the global economy.

“U.S. politicians are negotiating and that leaves us with a risk-averse start to the session, which will support the Yen, It continues to weigh on the Dollar. If we see some degree of improvement then that will provide some support for the Dollar” said the head of currency at the Canadian Imperial Bank of Commerce.

The Yen also benefited from the release of worse-than-expected trade data out of China. The report showed that exports declined in September, sparking concerns over a possible slowdown in global demand.

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Markets in Japan are closed today for a public holiday so further Yen movement will be the result of global issues. The situation with the US Dollar is also likely to be muted as the US markets are also closed for the Columbus Day holiday.

Current Japanese Yen (JPY) Exchange Rates:

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The US Dollar/Japanese Yen Exchange Rate is currently in the region of: 98.2952 <

The Pound Sterling/Japanese Yen Exchange Rate is currently in the region of: 157.0487 <

The Euro/Japanese Yen Exchange Rate is currently in the region of: 133.208 <

The New Zealand Dollar/Japanese Yen Exchange Rate is currently in the region of: 82.1776 >

The Australian Dollar/Japanese Yen Exchange Rate is currently in the region of: 93.0168 <

(Correct as of 09:45 am GMT)

 

 

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