The Japanese yen gained today against some of its most-traded peers, including the US dollar and the Great Britain pound, thanks to the surge of risk aversion on the Forex market following the conclusion of the Jackson Hole symposium.
Investors were not pleased to hear that central bankers of developed nations have troubles boosting inflation to the levels they want. The pessimistic tone of the meeting resulted in yet another drop of global stocks. The yen usually thrives in an environment of uncertainty and fear, and this was certainly the case today.
USD/JPY fell from 121.58 to 121.25 as of 10:18 GMT today, touching the daily low of 120.87. GBP/JPY declined from 187.42 to 186.74.
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