The rise of the yen was backed by weak numbers from the Chinese economy, which at the present levels, will make the unemployment unlikely to ameliorate, according to analysts. Even if, for the moment, several weak reports and unsatisfactory events worldwide are bringing investors to the safety of the yen, for some analysts, the long-term trend for the Japanese currency is bearish, based on the — yet to be proven — idea, that the worst moments of the global slump are already in the past.
In the intraday chart comparison, the USD/JPY was traded at 99.25 from 98.45. The EUR/JPY was traded at 131.05 from 130.45. The same movement was perceived with the NZD/JPY, rising from 56.95 to 57.55.