The Japanese yen strengthened today after Naoto Kan, the Prime Minister of Japan, won the vote of the Democratic Party of Japan, beating his rival Ichiro Ozawa.
Ozawa stated last week that the government needs to intervene in order to prevent the yen’s appreciation as the stronger currency hurt the exports, making them more expensive. The Kan’s government is considered too weak to intervene in the market. The yen also gained after the bad economic data from the UK and the New Zealand increased the demand for the safety.
USD/JPY slid from 83.70 to 83.26 as of 9:38 GMT today, following the drop to 83.06. EUR/JPY went down from 107.82 to 106.96.
If you have any questions, comments or opinions regarding the Japanese Yen,
feel free to post them using the commentary form below.