FX: Economic Recovery Concerns Pushes up Japanese Yen
The Japanese yen continued its rally against the US dollar and the Euro as concerns of slower economic recovery in the US and Europe fueled demand for safe havens. The Federal Open Market Committee stated that the financial conditions have become dismal, and the situation is likely to extend for a while. Besides, the Stoxx Europe 600 Index tumbled by 1 percent.
USD/JPY traded at 89.26 at about 11:42 GMT today after opening at 89.80. EUR/JPY traded around 109.56, a fall from the opening price of 110.54.
