Japanese currency falls, while Euro appreciates
After the earthquake, tsunami and G7 meeting on the 'Yen problem' about a month ago the Japanese currency is continueously declining heavily hitting lows against all major currencies. JPY hit an 11-month low against EUR trading at 121.91 EUR/JPY, and is still falling persistently – currently trading at EUR/JPY 121.28.
JPY also hit a 6-month low against the Dollar, USD/JPY slipping to 83.50, and also falling afainst the Australian currency by 0.7% trading at 88.27 – a two and a half year low.
These blows at the Yen are not only because of the atmospheric disaster and the G7 intervention; the reasons being also that the Bank of Japan (BOJ) is seemingly one of the last to consider raising interest rates.
While the Japanese currency is taking blows, the European currency is peaking to a 14-month high against the dollar and a 10-month high versus the yen. Appreciating at 1.4294 to the dollar.
Tomorrow's European Central Bank meeting is being anticipated to decide on interest rates.
