yen is weakening against counterparts
Wednesday, June 3, 2009
Early on Wednesday during European Deals, the Japenese unit tumbled to new multi-month lows against the European currency, the British Pound and the Swiss Franc as a rise in stock Prices prompted investors to buy higher-yielding assets with money borrowed from Japan. The yen also lost ground against its US counterpart.
The Nikkei 225 Average opened higher by 20 points at 9,724 compared to its previous close at 9,704, mirroring the gains on Wall Street. The index traded in a narrow range between 9718 and 9774 amid alternate bouts of buying and selling before finally closing at 9,742, a gain of 37.36 points, or 0.38%. The broader Topix Index of all first section issues edged up 0.94 points or 0.10% to close at 915.
During early deals on Wednesday the Japanese yen edged down versus the US dollar, falling to a low of 96.40 at about 4:45 am ET, with 97.0 seen as the next downside target level. Late Tuesday in New York USD/JPY rally was worth as much as 95.77.
The Japanese unit also showed weakness against the European and Swiss rivals, moving down to 138.01 and 90.79, respectively, by about 2:50 am ET Wednesday, setting the lowest points for the yen since mid-October. That may be compared to Tuesday’s close at 136.98 and 90.23. On the downside, yen was likely to slip to 147.5 against euro and to 93.1 versus franc.
The Nikkei 225 Average opened higher by 20 points at 9,724 compared to its previous close at 9,704, mirroring the gains on Wall Street. The index traded in a narrow range between 9718 and 9774 amid alternate bouts of buying and selling before finally closing at 9,742, a gain of 37.36 points, or 0.38%. The broader Topix Index of all first section issues edged up 0.94 points or 0.10% to close at 915.
During early deals on Wednesday the Japanese yen edged down versus the US dollar, falling to a low of 96.40 at about 4:45 am ET, with 97.0 seen as the next downside target level. Late Tuesday in New York USD/JPY rally was worth as much as 95.77.
The Japanese unit also showed weakness against the European and Swiss rivals, moving down to 138.01 and 90.79, respectively, by about 2:50 am ET Wednesday, setting the lowest points for the yen since mid-October. That may be compared to Tuesday’s close at 136.98 and 90.23. On the downside, yen was likely to slip to 147.5 against euro and to 93.1 versus franc.
Against the British pound, the Japanese currency slid to 160.51 at 3:20 am ET Wednesday, setting the lowest point for the yen since November 5, 2008, with 176.5 seen as the near term support. GBP/JPY rally closed Tuesday’s New York deals at the level of 158.77.
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