July 1, 2009 - 3:24am
On Wednesday in Asia, the yen dropped sharply against its major counterparts after the Bank of Japan's quarterly Tankan survey report showed that sentiment among Japan's largest manufacturers rose in the second quarter for the first time since December 2006, giving investors more confidence to purchase higher-yielding assets.
The yen weakened to a 12-day low against the dollar, 16-day low against the euro and a 1-week low against the Swiss franc.
During Asian deals on Wednesday, the yen weakened to a 1-week low of 89.27 against the Swiss franc. The next downside target level for the yen is seen at 89.9. At yesterday's close, the franc-yen pair was quoted at 88.76.
After hitting a 1-month high of 86.89 against the franc on June 24, the yen has been declining and it has lost 3% thus far.
The yen that closed yesterday's trading at 135.26 against the euro slipped to a 16-day low of 136.0 in Asian deals on Wednesday. If the yen weakens further, it may likely target the 138 level.
The yen fell from a 1-month high on disappointing economic reports from Japan, including a drop in the nation's trade surplus and corporate service price index.
Adding to yen's slide, a government report showed on Friday that Japan's consumer prices declined sharply for the fourth consecutive month in May.
Thus far, the yen has depreciated 3% against the euro from a 1-month high.
In Asian deals on Wednesday, the yen slipped to a 12-day low of 97.0 against the U.S. dollar. This may be compared to yesterday's closing value of 96.37. On the downside, 98.6 is seen as the next target level for the Japanese currency.
The dollar-yen pair added to its gains on Wednesday as traders mulled over the Federal Reserve's interest rate decision and accompanying remarks.
After hitting a 6-day low of 96.58 against the dollar on Thursday, the yen rebounded and gained further on Friday and closed last week's deals at 95.25.
But the yen is showing weakness this week as an advance in global stocks lessened demand for the safe-haven yen. Thus far this week, the yen has dropped 2% against the dollar.
The yen that advanced against the pound in early Asian deals on Wednesday lost ground after hitting a 2-day high of 158.19 at 8:55 pm ET. The pound-yen pair is currently trading at 159.40 with 160.3 seen as the next target level. The pair closed yesterday's New York session at 158.69.
The yen also edged down against commodity-related currencies today. The yen dropped to 78.15 against the Australian dollar, 62.59 against the New Zealand dollar and 83.43 against the Canadian dollar. If the yen slides further, it may likely target 78.3 against the aussie, 62.9 against the kiwi and 83.8 against the loonie. The aussie-yen pair closed trading at 77.74, kiwi-yen pair at 62.26 and the loonie-yen pair at 82.9 on Tuesday.
The yen weakened to a 12-day low against the dollar, 16-day low against the euro and a 1-week low against the Swiss franc.
During Asian deals on Wednesday, the yen weakened to a 1-week low of 89.27 against the Swiss franc. The next downside target level for the yen is seen at 89.9. At yesterday's close, the franc-yen pair was quoted at 88.76.
After hitting a 1-month high of 86.89 against the franc on June 24, the yen has been declining and it has lost 3% thus far.
The yen that closed yesterday's trading at 135.26 against the euro slipped to a 16-day low of 136.0 in Asian deals on Wednesday. If the yen weakens further, it may likely target the 138 level.
The yen fell from a 1-month high on disappointing economic reports from Japan, including a drop in the nation's trade surplus and corporate service price index.
Adding to yen's slide, a government report showed on Friday that Japan's consumer prices declined sharply for the fourth consecutive month in May.
Thus far, the yen has depreciated 3% against the euro from a 1-month high.
In Asian deals on Wednesday, the yen slipped to a 12-day low of 97.0 against the U.S. dollar. This may be compared to yesterday's closing value of 96.37. On the downside, 98.6 is seen as the next target level for the Japanese currency.
The dollar-yen pair added to its gains on Wednesday as traders mulled over the Federal Reserve's interest rate decision and accompanying remarks.
After hitting a 6-day low of 96.58 against the dollar on Thursday, the yen rebounded and gained further on Friday and closed last week's deals at 95.25.
But the yen is showing weakness this week as an advance in global stocks lessened demand for the safe-haven yen. Thus far this week, the yen has dropped 2% against the dollar.
The yen that advanced against the pound in early Asian deals on Wednesday lost ground after hitting a 2-day high of 158.19 at 8:55 pm ET. The pound-yen pair is currently trading at 159.40 with 160.3 seen as the next target level. The pair closed yesterday's New York session at 158.69.
The yen also edged down against commodity-related currencies today. The yen dropped to 78.15 against the Australian dollar, 62.59 against the New Zealand dollar and 83.43 against the Canadian dollar. If the yen slides further, it may likely target 78.3 against the aussie, 62.9 against the kiwi and 83.8 against the loonie. The aussie-yen pair closed trading at 77.74, kiwi-yen pair at 62.26 and the loonie-yen pair at 82.9 on Tuesday.