In the world currency market the Yen has advanced yesterday against 15% of its 16 major counterparts like euro,dollar etc as renewed speculation Europe’s debt crisis is worsening boosted.
The yen prices gain versus euro when the Greek PM George Papandreou’s pledge to put the European Union’s (EU) financing package offer to a referendum risks default if voters reject it.
Yen Advances versus Euro and Dollar
Earlier this week, Japan’s currency yen recovered from losses when their government intervened to weaken it, but today it is strengthening while Asian stocks market gain extended.
In Auckland, New Zealand, a senior dealer at ANZ National Bank Ltd. said, the majority of the EU may have the desire to resolve the problem and try to fix things, but this is not easy to quick fixing.
He also mentions that, in the reason of this moment, I would probably be selling euro and buying Japanese yen because Bank of Japan has been a significant amount intervention.
From yesterday in New York, The market rate of Japanese yen has gained 0.2% to 107.18 per euro as of 10:22 a.m. in Tokyo. Japanese currency rose 0.2% to 78.19 per dollar also. The euro was at $1.3707 from $1.3703 yesterday, after earlier losing at the stock market as much as 0.5%.
