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Thread: Japanese Yen

  1. #41
    The yen has fallen in recent months amid expectations of increased monetary stimulus by the Bank of Japan under Haruhiko Kuroda, who oversaw his first meetings as governor this month.

    The currency tends to strengthen during periods of financial and economic turmoil because Japan’s current account surplus means it isn’t reliant on foreign capital to fund its deficits.
    Japan’s currency advanced 0.1 percent to 100.69 per Australian dollar today after rising 1.4 percent on April 26.


  2. #42
    The yen held a loss against the dollar after its biggest decline in two weeks on signs the U.S. recovery is gathering pace.

    The yen traded 0.9 percent from 100 per dollar after figures on May 3 showed the U.S. jobless rate unexpectedly fell to a four-year low. Australia’s currency slid against all 16 of its most-traded peers after a report showed retail sales unexpectedly shrank, a day before the central bank decides on interest rates. The Malaysian ringgit rallied the most in almost 15 years against the dollar after Prime Minister Najib Razak’s coalition was re-elected with a clear majority.
    The yen slid 0.1 percent to 99.09 per dollar as of 12:29 p.m. in Singapore from May 3, when it slumped 1.1 percent. Japan’s currency touched a four-year low of 99.95 on April 11. It declined 0.1 percent to 130 per euro. Europe’s shared currency advanced 0.1 percent to $1.3120.
    Japanese markets are closed today for a holiday.


  3. #43
    The yen gained against all its 16 most-traded counterparts as investors bet losses that brought it to within 0.6 percent of 100 per dollar were overdone.

    The dollar snapped a three-day advance against Japan’s currency, the longest streak in more than two weeks sustained by better-than-expected U.S. payrolls data. The euro remained lower against the greenback before reports forecast to show factory activity slowed in Europe’s two biggest economies. The Australian dollar fell against all its major peers after the central bank cut borrowing costs to a record low.
    “The wall between 99 and 100 yen per dollar is very thick, and we need some additional drivers to reach 100,” said Marito Ueda, the senior managing director at FX Prime Corp. (8711), a currency-margin company in Tokyo. “While last week’s payrolls report was strong, investors want to know if the U.S. economy will strengthen further from here.”


  4. #44
    The yen strengthened for the first time in four days versus the dollar as investors bet losses that brought it to within 0.6 percent of 100 against the U.S. currency were overdone.

    “We’re around the 100-yen mark again and I think it’s inevitably forming a lasting line of resistance,” said Neil Mellor, a currency strategist at Bank of New York Mellon Corp. in London. “Dollar-yen hasn’t been able to get a foothold above that level. There’s a very good chance we could get this oscillation we’ve been seeing since the middle of April for the foreseeable future.”
    The yen gained 0.2 percent to 99.13 per dollar at 10:56 a.m. London time after depreciating 2 percent in the past three sessions. It reached 99.95 on April 11, the weakest level since April 2009. The Japanese currency appreciated 0.3 percent to 129.55 per euro. Europe’s shared currency was little changed at $1.3072 from yesterday, when it slid 0.3 percent.
    Japanese markets reopened today following a four-day holiday weekend.


  5. #45
    The yen breached 102 per dollar for the first time in four-and-a-half years as Group of Seven finance chiefs indicated they’ll tolerate a slide in the currency for now as they focus on Japan’s recovery strategy.

    The greenback strengthened versus 12 of its 16 major peers after Treasury benchmark 10-year yields rose to the highest in seven weeks and before Federal Reserve Bank of Philadelphia President Charles Plosser speaks tomorrow. The Australian dollar extended a slump from last week, the biggest five-day decline since November 2011, as Treasurer Wayne Swan is forecast to project a fifth and sixth year of budget deficits tomorrow.
    “The trend for a weaker yen has been reactivated, and with the G-7’s tacit approval, I think the trend for weaker yen will gather pace this week,” said Mike Jones, a currency strategist at Bank of New Zealand in Wellington. “The market’s in the mood to try and take the dollar higher.”
    The yen touched 102.15 per dollar, the weakest level since October 2008, before trading at 101.58 as of 6:57 a.m. in London, little changed from the close on May 10. It declined 2.6 percent last week, the most since the period ended April 5.


  6. #46
    The yen rallied from the lowest level in more than four years against the dollar as technical indicators signaled its recent decline was too rapid.

    The yen touched the weakest since October 2008 yesterday as the U.S. economy showed continued signs of recovery and Treasury yields touched a seven-week high. The euro advanced today, snapping a three-day decline, before data forecast to show German investor confidence rose this month. The Australian and New Zealand dollars climbed as gains in Asian stocks boosted demand for riskier assets.
    The yen strengthened 0.3 percent to 101.5 per dollar at 10:22 a.m. in Tokyo from yesterday, when it touched 102.15, the weakest since October 2008. It was little changed at 132.18 per euro. The 17-nation euro gained 0.4 percent to $1.3020, after falling 1.4 percent in the previous three sessions.


  7. #47
    The yen’s 14-day relative strength index versus the dollar was at 29.4, below the 30 level which indicates an asset’s price has fallen too rapidly and may be poised to reverse course. The Japanese currency’s RSI against the euro was at 33.71

    “While the yen broke 100, I don’t think it will weaken too too rapidly from here,” said Noriaki Murao, a managing director of the marketing group at Bank of Tokyo-Mitsubishi UFJ Ltd. in New York. “Dollar-yen will very likely stay in a range between 100 and 103 for the foreseeable future.”


  8. #48
    The yen held gains even after a report showed the nation’s investors were net buyers of foreign bonds during the week ended May 10. Investors purchased 186.4 billion yen ($1.8 billion) in overseas bonds and notes, 19.2 billion yen in overseas stocks and 100 million yen in overseas short-term securities, according to figures released by the Ministry of Finance and based on reports from designated major investors.
    Japan’s economy expanded 0.9 percent in the first quarter, compared with the forecast for a 0.7 percent increase, a separate report showed.
    “The GDP was a good number and government officials may use that to support their policy,” said Michiyoshi Kato, the senior vice president of foreign-currency sales at Mizuho Corporate Bank in Tokyo. “It’s questionable the yen will strengthen much from the better-than expected GDP.”


  9. #49
    The yen climbed versus a majority of its 16 major peers after Japan’s Economy Minister Akira Amari said further losses in the currency would negatively affect people and the government’s job is to minimize that.

    The yen retreated from near its weakest in more than four years versus the dollar after Amari said yesterday there’s speculation the Japanese currency’s past strength has “been corrected a lot.” Wagers the dollar will gain against the euro and yen rose last week amid bets the Federal Reserve will signal a tapering of bond purchases. New Zealand’s dollar strengthened as its finance minister said home price gains will pressure the Reserve Bank to raise interest rates.
    “The market has been spooked by official suggestions the bulk of the yen depreciation may be behind us,” said Mike Jones, a currency strategist at Bank of New Zealand in Wellington. “Speculative longs in U.S. dollars have crept up to extreme levels and the comments sparked a dash for the exit.” A long position is a bet a currency will rise.
    The yen rose as much as 1.1 percent, before trading 0.4 percent higher at 102.81 per dollar as of 11:57 a.m. in Tokyo. The currency touched 103.31 on May 17, the weakest since October 2008. It climbed 0.4 percent to 131.96 per euro. The dollar was little changed at $1.2836 per euro.


  10. #50
    The yen weakened against its major peers after Japan’s Economy Minister Akira Amari backed away from weekend comments that prompted the currency to rally.

    Japan’s currency climbed yesterday after Amari said further weakness may hurt “people’s lives” and it was the government’s job to minimize that. The minister said today he wouldn’t comment on where the yen’s decline would end. The dollar remained lower versus the euro following a decline yesterday before Federal Reserve Chairman Ben S. Bernanke and other central bank officials speak this week.
    “The yen has weakened in part because Amari tried to downplay his remarks,” said Akira Moroga, the manager of foreign-exchange products at Aozora Bank Ltd. (8304) in Tokyo. “Amari’s comment hasn’t shown any clear change, but it’s milder in terms of slowing yen weakness.”


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