As reported at 2:34 p.m. (JST) in Tokyo, the Japanese Yen made broad gains today after stock markets around the globe tumbled resulting in investors hedging their bets on higher risk currencies, including the New Zealand and Australian Dollars which had seen 8-month highs in recent weeks.
The Australian Dollar fell to 76.37 Yen, a loss of 1.7% from the 80 Yen 8-month high hit last week; meanwhile the New Zealand Dollar traded at 60.62 Yen, a loss of 1.6% off the 8-month high trade of 63.40 Yen hit last week.
The U.S. Dollar also did poorly against the Japanese Yen, trading at 96.63 Yen, a loss of 1.2%. The single currency Euro fared no better, falling sharply against the Japanese Yen to trade at 133.40 Yen, a loss of 1.2% and extending Monday’s decline after a Euro zone report indicated that job losses for the first quarter of the year were at record levels.
Not helping the Euro were comments made by a spokesperson from the European Central Bank (ECB) who claimed that banks within the Euro zone will probably have to write off an addition $283 billion in losses.