Slump of Japanese Yen Continues Without Slowing

The Japanese yen fell today for the fifth day versus the euro and the Great Britain pound, for the seventh day against the US dollar and declined against all other most-traded currencies today as economic recovery is gaining momentum.

Analysts expect that the US non-farm payrolls today will show that US employers added 191,000 jobs in March. Forecasts also promise that the report of Markit Economics will show that the manufacturing industry in France reached 56.6 in March, the highest level since December. The MSCI Asia Pacific excluding Japan Index of shares gained 0.2 percent.

Osao Iizuka, a head of the foreign-exchange trading in Tokyo at Sumitomo Trust & Banking Co., explained the poor performance of the yen:

Economies outside of Japan look like they’re expanding firmly and there seems to be risk-on sentiment. The yen will probably weaken.

USD/JPY jumped from 83.12 to 83.72 as of 3:46 GMT today. EUR/JPY went up from 117.68 to 118.62 and GBP/JPY climbed from 133.21 to 134.23.

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