Yen moves further off 17-month highs

The US dollar extended gains versus the yen in Asian trading on Thursday. USDJPY popped back above 109.00 yen, pulling well away from a 17-month low of 107.63 touched a few days ago.

The improvement in market sentiment is also helping to weaken the yen, which is usually seen as a safe haven asset in times of financial stress in the markets. Wednesday’s better than expected trade data from China and oil trading near its highest level in four months helped market sentiment.

The softening yen will come as a welcome development for Japanese officials, who have been trying to stop the appreciation of the currency by some recent verbal intervention.

Earlier this week, Japan’s finance minister Taro Aso said any “one-sided, speculative move” in the yen “will be acted upon with necessary measures”, and that these measures will be done in line with the G20 accord.

However, the Japanese currency is still 11.5 per cent stronger against the dollar compared to its January low, when the Bank of Japan announced its negative interest rate policy.

The post Yen moves further off 17-month highs appeared first on FXTM Blog.

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