Japanese yenThe Japanese yen fell today as the summit of the European leaders spurred hopes that the EU will be able to contain the debt crisis, reducing demand for Japan’s currency as a safe haven.
The leaders of the European Union have met yesterday at summit in Brussels. They decided to give €159 billion of additional aid for Greece. The lawmakers also allowed to use the rescue fund to buy debt of the peripheral economies and eased the terms of loans to the indebted nations. The Stoxx Europe 600 Index rose 0.8 percent.
USD/JPY climbed from 78.29 to 78.52 as of 8:02 GMT today and touched the intraday high of 78.72. EUR/JPY advanced from 112.94 to 113.12.
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Earlier News About the Japanese Yen:
Second Week of Gains for Yen, Will BOJ Intervene? (2011-07-16)
Yen Declines as Chinese Economy Grows (2011-07-13)
Growing China's Economy Saps Demand for Safety of Yen (2011-06-14)
Yen Falls on Anticipation of Stimulus (2011-06-13)
Yen Profits from Fears of European Crisis (2011-06-08)
This entry was posted on TopForexNews on Friday, July 22nd, 2011 at 9:02 am and is filed under Japanese Yen. You can follow any responses to this entry through the RSS 2.0 feed. You can skip to the end and leave a response. Pinging is currently not allowed.
EU Summit Eases Need for Safety, Yen Drops
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School girl Han Chae-I
The US dollar was performing terribly this week against both commodity and safe currencies among signs of economic growth and on speculation that the Federal Reserve will lag with an increase of the interest rates.
