By: Barbara Zigah
The Japanese Yen saw gains across the board in Tokyo trading today on investor profit-taking of perceived higher-risk currencies. As reported at 3:10 p.m. in Tokyo, versus the Euro, the Japanese Yen traded at 132.16 Yen, a gain of .6%; against the Australian Dollar, the Yen traded at 74.967 Yen, an increase of 1%. Investors speculate that the recent good economic news out of the United States, with better-than-expected earnings reports from Goldman Sachs and Intel may likely lead to an increase in risk appetite, which will drag the Yen down on crosses. Both the Japanese Yen and the U.S. Dollar do poorly when optimism over the health of the global economy is strong, as investors prefer to invest in higher-yielding currencies such as the Euro and the Australian and New Zealand Dollars.
The U.S. Dollar also saw some slippage versus the Japanese currency, trading at 93.87 Yen, a decline of .4% on the EBS trading platform. Earlier this week, the greenback had touched on 91.73 Yen, a 5-month low. The U.S. Dollar did well versus other currencies, though. Against the Euro, the U.S. currency traded at $1.4078, up .2%; it was also up .2% versus the Pound Sterling, trading at $1.6384.
Japanese Yen gains on Investor Profit Taking
Barbara Zigah
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About Barbara Zigah
After working on Wall Street, Barb began her second career as a freelance writer at Daily Forex, where the CEO recognized fresh, untapped potential and was willing to give her a try. She’s never looked back. Since then, she’s worked steadily as a freelance writer and editor in the financial services and Forex-related industry.