The Japanese yen weakened today as the rally of crude oil prices and the subsequent appreciation of commodity currencies gave traders less incentive to stick to the safety of Japan’s currency.
Crude oil prices plunged yesterday but managed to stage a bounce today. It was helpful to commodity-geared currencies. By the same token, safe currencies became less appealing to market participants. The yen suffered also due to the threat of monetary stimulus from Japanese policy makers.
USD/JPY rose a bit 108.82 to 109.01 as of 17:44 GMT today, touching the high of 109.48 intraday. GBP/JPY gained 1% from 155.35 to 156.90.
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