The Japanese Yen dropped sharply versus the greenback and other major currencies in Asian trading today, leaving traders to wonder whether or not the Japan Ministry of Finance has once again intervened their currency’s upward movement.
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In advance of the meeting between Naoto Kan, the Japanese Prime Minister and the President of the United States, Barack Obama, the U.S. Dollar moved up versus the Japanese Yen, as well as the common currency Euro, in Asian trading today, rebounding from recent losses.
Comments issued by the U.S. Federal Reserve following their FOMC meeting yesterday pushed the U.S. Dollar down broadly in Asian trading today.
The greenback slipped in early London trading as cautious investors speculate that the U.S. Federal Reserve’s Open Market Committee may see the need for additional easing of monetary flows in the United States.
The common currency Euro gained slightly versus the greenback and Japanese Yen in Monday’s Asian trading, rebounding slightly from Friday’s fall which came as a result of renewed worries over the fiscal situation in Ireland.
A strong equity market in Asia helped to push up the common currency Euro versus the U.S. Dollar.
The Japanese Yen moved higher in Asian trading today, though investors remain skittish and worried that another intervention by the Ministry of Japan might be forthcoming should the U.S. Dollar slip below 85 Yen.
For the first time in more than six years, the Ministry of Finance in Japan has intervened in their currency’s appreciation by buying the U.S. Dollar repeatedly in Asian trading, forcing the Japanese Yen to plummet versus all major currencies.
The dollar dipped to an additional15-year low versus the JPY on Tuesday ahead of a Japanese ruling party leadership vote in which the prime minister will be presented with a challenge from a proponent of more aggressive fiscal stimulus.
In Asian trading today, the single currency Euro surged 1% higher against the U.S. Dollar as well as other major currencies, as automatic buy orders tripped following the release of encouraging economic data from China, among other things.|
The dollar gave up most early gains against the yen on Friday, heading towards 15-year lows and keeping prospects for yen intervention alive, while the Swiss franc stumbled as investors sold safe-haven currencies.
The U.S. Dollar approached a 15-year trough versus the Japanese Yen in Asian trading today on investor speculation that the Japan central bank would not yet intervene.
The USD declined to its most recent 15-year low against the JPY on Wednesday and the EUR struggled close to record lows against the Swiss franc as the market contemplated whether to sell it further on euro zone banking concerns.
The EURO nosedived on Tuesday from a three-week record versus the USD hit yesterday as rekindled worries about the European banking sector prompted investors to reduce risks.