As investors lost their appetites for risky assets and turned to safe-haven options in the wake of concerning economic data the Yen broadly strengthened. However, the Asian currency has weakened today as the increasing odds of global central banks adding to stimulus supported stocks, allowing higher-risk currencies to advance.
The Japanese Yen exchange rate was in the region of 99.5400 Yen to one US Dollar as of 12:00 GMT
The Yen also weakened in response to comments made by life insurance companies Nippon and Meiji Yasuda.
Nippon and Meiji Yasuda asserted that foreign investment may be bolstered by the search for higher yields, causing the Yen to dip against the Euro and US Dollar.
The Yen posted a decline of 0.9 per cent against the New Zealand Dollar as the latter currency broadly strengthened in response to the RBNZ’s rate announcement.
As currency strategist Jeremy Stretch noted: ‘We have seen stocks looking a little better. Among the better performers, the Kiwi is right up there after the RBNZ comments overnight.’
Since the Bank of Japan announced its intention to double monthly bond purchases back in March the Yen has plummeted against its rivals, taking its six month drop against the US Dollar to 20 per cent.
One positive effect of the weaker Yen is that iconic games maker Nintendo has returned to profit, despite sales falling by 1.9 per cent.
With a lower Yen making Japanese products cheaper for foreign buyers, the makers of Pokémon have been able to record an annual profit of 7.1 billion Yen, rebounding from the 43 billion Yen loss reported last year.
Significant Yen movement may occur on April 26th in response to the Bank of Japan issuing its economic and inflation outlook.
Current Japanese Yen (JPY) Exchange Rates
The US Dollar/Japanese Yen Exchange Rate is currently in the region of: 99.5400
The Pound Sterling/Japanese Yen Exchange Rate is currently in the region of: 152.1070
The Euro/Japanese Yen Exchange Rate is currently in the region of: 129.6490
The New Zealand Dollar/Japanese Yen Exchange Rate is currently in the region of: 84.1650
The Australian Dollar/Japanese Yen Exchange Rate is currently in the region of: 102.3290
(Correct as if 12:00 GMT)
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