The decline in the Japanese stock market spurred a wave of growth for the Japanese yen today as the investors still unsure whether the recession trends are over or not yet.
The yen rose against all major currencies, while the dollar advanced against the high-yielders only (remaining stable against the British pound, which is no longer a risk currency). While the corporate reports in U.S. help some of their stocks to grow, the world is more skeptical about the growth with the Singapore and China expected to report economy cooldown.
The analysts say that the only real economy improvement currently happening is the U.S. housing sector recovering and the trade balance deficit decreasing. Other economies are yet to report declines in almost all sectors. Those reports will spur further yen’s growth, which may be accompanied by the U.S. dollar rising against some currencies.
EUR/JPY fell from 133.75 to 132.29 as of 9:46 GMT today. USD/JPY declined from 100.07 to 99.42, while GBP/JPY went down from 148.57 to 148.11 today.