By: Barbara Zigah
The Japanese Yen continues to rise versus the U.S. Dollar, touching on its highest trade in 14 years. As reported at 3:31 p.m. (JST) in Tokyo, the Yen traded at 84.82 Yen, the highest point since 1995, before retreating to 86.05 Yen, a .6% rise on the day. It was learned that early in the day on Friday, the Bank of Japan, in conjunction with officials from the government, were inquiring about Dollar/Yen rates with some commercial banks, thus prompting traders to cover their long positions in the Japanese currency.
The Japanese currency also rose broadly against high-yielding currencies following the news of Dubai’s debt problems; specifically two of the country’s flagship corporations sought to delay repayment of their debt. Many investors, who previously looked to the Middle East region as a bastion of investment and capital sourcing, had their confidence shook, and raised concerns over the possibility of massive debt-related problems in the region. This led to investor unwinding of Japanese Yen-funded carry trades to the detriment of high-yielders, including the Australian Dollar, which slipped to 77.88 Yen, a loss of 1.6%, and the single-currency Euro, which fell to 126.95 Yen, a decline of 1.3%.
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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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Live FX Rates
| Symbol | Change | High | Low |
|---|
| EUR/USD | 0.0075 | 1.2623 | 1.2562 |
|---|---|---|---|
| AUD/USD | 0.0108 | 0.9879 | 0.9799 |
| EUR/GBP | 0.0029 | 0.8036 | 0.801 |
| EUR/JPY | 0.28 | 100.21 | 99.81 |
| GBP/USD | 0.0044 | 1.5716 | 1.5678 |
| USD/CAD | -0.0053 | 1.0271 | 1.0238 |
| USD/CHF | -0.0046 | 0.957 | 0.9532 |
| USD/JPY | -0.29 | 79.73 | 79.35 |
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