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Yen Edges Up on Demand for Safer Assets

1:41 AM
Yen is heading higher as investors and traders turn to more traditional safe haven assets in response to uncertainty and volatility in the stock market. Yesterday, the yen was still relatively week. Thanks to the recent announcement from Bank of Japan policymakers that there would be negative interest rates in an effort to stimulate the economy, yen has been struggling. The BOJ seems determined that Japan will “win” the currency wars underway to make currencies relatively cheaper, and offering a reason to buy goods from particular countries. Today, however, there has been some demand for the yen, and the currency is
inching higher. With global stock markets dropping and oil sliding again, many traders are looking for some sort of safe haven. The result is that the traditional safe haven currencies are being preferred. Yen is in demand, since it is still considered one of the safest currencies. At 14:45 GMT the yen is up almost across the board, gaining against its major counterparts. USD/JPY is down to 120.3580 from the open at 121.0040. EUR/JPY is also lower, but has performed better than other currencies, only falling to 131.6020 from the open at 131.8290. GBP/JPY is down as well, dropping to 173.6120 from the open at174.7630. If you have any questions, comments or opinions regarding the Japanese Yen, feel free to post them using the commentary form below.

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