The Japanese Yen has strengthened against the US Dollar, the Euro and Sterling after Bank of Japan governor Haruhiko Kuroda said that a stable financial system is important and as Japanese government bonds went higher.
The US Dollar dropped to as low as 101 Yen from around the 102 Yen mark seen late on Monday. Japanese bonds increased in value as China increased its holding of Japanese treasury bonds to 20 trillion Yen at the end of 2012, up 14% from the previous year.
“As the total amount of China’s foreign reserves has increased quickly, it was reasonable that China increased its holdings (of Japan’s treasury bonds) last year amid concerns about the EU debt crisis and the weakening US economy,” Zhao Xijun, deputydirector of the Finance and Securities Research Institute at Renmin University of China.
Comments made by Bank of Japan governor also offered the Yen support. Huruhiko Kuroda said no financial system was immune to a possible crisis, and that the global economy hasn’t yet completely shaken off the effects of the global financial crisis.
His remarks came at a time of increased volatility in the market for Japanese government bonds following the launch of a massive monetary stimulus program by the Bank of Japan.
Current Japanese Yen (JPY) Exchange Rates
The US Dollar/Japanese Yen Exchange Rate is currently in the region of: 101.7210
The Pound Sterling/Japanese Yen Exchange Rate is currently in the region of: 153.1360
The Euro/Japanese Yen Exchange Rate is currently in the region of: 131.0065
The New Zealand Dollar/Japanese Yen Exchange Rate is currently in the region of: 82.0848
The Australian Dollar/Japanese Yen Exchange Rate is currently in the region of: 97.3378
(Correct as of 09:35am GMT)
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