Yen Gains Against Major, Except for Dollar

The Japanese yen followed the US dollar in a rally ahead of next week’s monetary policy meeting of the Federal Reserve. The yen demonstrated gains against most other major currencies, with the obvious exception of the dollar against which the Japanese currency was flat.

Traders are readying for the Fed meeting and speculate about possible actions US policy makers may take. The resulting risk-averse sentiment was driving higher the currencies perceived to be safe, like the dollar and the yen. The Japanese currency gained even though today’s report about Japan’s industrial production fell short of expectations.

USD/JPY traded close to its opening level of 121.29 as of 15:12 GMT today after touching the daily high of 121.60. EUR/JPY dropped from 128.86 to 127.71.

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