Japanese yen is losing ground today following an earlier jump. Yen saw gains earlier as risk aversion set in, but now the yen is losing ground to some of its major counterparts. Yen is even down against the US dollar.
Yen got a boost earlier today, gaining ground as risk aversion due to the political situations in the United States and in the eurozone moved toward deterioration. Concerns about what’s next sent the yen higher, especially after Japanese Yen Finance Minister Taro Aso indicated that tax cuts are not an option. With that news, coupled with the concerns about what’s next in Italy and in the United States, the yen surged.
However, the yen is pulling back somewhat right now as things settle down a little bit. Yen is down against the pound and the euro, with the euro gaining ground even as concerns about Italy’s unstable political situation once again come to light. However, yen is also losing against the US dollar. Even with focus on the possibility of government shutdown in the United States, starting October 1, the dollar is making a bit of a comeback.
At 15:55 GMT USD/JPY is up to 98.2960 from the open at 97.6765. EUR/JPY is up to 133.0590 from the open at 131.8050. GBP/JPY is up to 159.0520 from the open at 157.6850.
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