Home » GBP » Foreign Currency Forecast for the Japanese Yen (JPY) – Yen soars against US Dollar, posting biggest gain for nearly two years.

Foreign Currency Forecast for the Japanese Yen (JPY) – Yen soars against US Dollar, posting biggest gain for nearly two years.

Japanese Yen

The Japanese Yen exchange rate was trading in the region of 0.0108 against the US Dollar as of 11:13 am GMT

After a week of ups and downs the Japanese Yen was able to soar today, gaining by the most for almost two years as concerns regarding the currency’s rapid weakening were raised again.

Over the past six months the Japanese Yen has tumbled by 19 per cent and this time it was Japanese Finance Minister Taro Aso who spoke out about the currency’s fall.

Speaking to parliament in Tokyo Aso asserted that the Yen’s ‘sudden move from 78 or 79 [US Dollar’s] to 90 was not something we had anticipated.’

After Aso spoke out, Kit Juckes of Societe Generale SA was quoted as saying that the Yen is ‘vulnerable to concern that it has done way more than anyone thought it possibly could. What’s going to matter as the market reacts to these kinds of comments is how many people are queuing up’ to sell it.

Aso’s comments, in conjunction with developments within the Eurozone, allowed the Japanese currency to storm towards its first weekly gain against its European rival for two months. After dropping close to a three-year low against the Euro on Wednesday, today’s developments saw the Yen advance by 1.2 per cent on the common currency.

The Yen also gained on fellow safe-haven asset the US Dollar, jumping by 1.6 per cent – the most significant gain recorded since mid-March 2011.

As Derek Halpenny, an industry expert, stated: ‘Aso’s statement encouraged some retracement. The Yen was stronger anyway before these reported comments, and Euro-Yen selling after Draghi’s statement yesterday may also have helped trigger some broader Yen correction.’

Current JPY Exchange Rates

The Japanese Yen to Euro exchange rate is currently trading at 0.0081

The Japanese Yen to US Dollar exchange rate is currently trading at 0.0108

The Japanese Yen to Pound Sterling exchange rate is currently trading at 0.0069

The Japanese Yen to Australian Dollar exchange rate is currently trading at 0.0105

The Japanese Yen to New Zealand Dollar exchange rate is currently trading at 0.0128         

The Japanese Yen to Canadian Dollar exchange rate is currently trading at 0.0108

The Japanese Yen to Emirati Dirham exchange rate is currently trading at 0.0392

The Japanese Yen to Swiss Franc is currently trading at 0.0099

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