• Yen Trades At Highest Rate Since 2010
  • Yen Trades At Highest Rate Since 2010

    David Sumner | 09:45 | 22/01/13
    The Yen rallied against the U.S. Dollar and traded at the highest price since June of 2010 after the Bank of Japan started its two-day policy meeting. ...

The Yen rallied against the U.S. Dollar and traded at the highest price since June of 2010 after the Bank of Japan started its two-day policy meeting. The Yen also gained against the remainder of its currency market peers amid rumors the central bank will succumb to pressures from the government and will introduce further stimulus to bolster economic growth in order to help the nation rise out of its recession. The Yen benefitted from reports which showed that investors weren’t bearish on the currency.
The British Pound remained more or less unchanged against the U.S. Dollar as a release indicated that housing prices in the U.K. rose in January, a factor that reduced demand for high risk assets.
Other news in the foreign exchange revealed that the Australian Dollar fell for a second consecutive day against the Yen in anticipation of an upcoming inflation report which is expected to prompt more interest rate cuts. The Aussie retreated from previous highs versus the Japanese currency on speculation the Bank of Japan may disappoint investors and fail to institute further easing.
The Euro rate fluctuated up and down during a quiet day of trading as American markets were closed in observance of the Martin Luther King Holiday and the Presidential Inaugural. Market sentiment was supported by optimism that U.S. lawmakers will come to an agreement regarding the budget. Elsewhere, E.U. Finance Ministers met in Brussels to discuss a possible bailout package needed to aid Cyprus.

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