By: Barbara Zigah
As reported at 3:30 p.m. (JST) in Tokyo, a 2.4% fall in share prices in Asia has helped to push the Japanese Yen higher in Shanghai trading today as cautious investors continue to be apprehensive about returning to their high-risk currencies and trimmed their short positions in the Yen. Earlier in the day’s trading, however, the Japanese Yen had slipped broadly on the release of better-than-expected financial reports on U.S. corporate earnings, specifically good results from Home Depot, a U.S.-based do-it-yourself superstore and Target Corporation, a U.S. mass merchandiser. Those earnings reports helped to push the S&P 500 Index up 1% yesterday.
The Japanese Yen traded at 94.42 Yen versus the U.S. Dollar, a rise of .3%, and just off an earlier low on the day of 95.00 Yen. The Yen also gained against the single currency Euro, trading at 133.36 Yen, an increase of .4% and off the 134.50 Yen low hit earlier in the day. According to one foreign exchange strategist in Tokyo, investors are cognizant of any movement in the Chinese markets as a signal that the economy of China could worsen. Over the past 8 months, the .SSEC (Shangai composite index) has gained over 50%, though it has seen a 15% decline over the past few weeks.
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Barbara Zigah
Barbara Zigah is a freelance journalist living in Ghana, who specializes in Forex-related content; her online work has appeared in the IB Times, NASDAQ, Benzinga, and Seeking Alpha.
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