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Yen Falls for 2nd Day on Deteriorating Conditions in Japan
TheJapanese yen continued its decline against thedollar andtheeuro forthesecond day today astheunpleasant economic conditions inJapan make their currency less attractive tothebuyers.
Thetechnical reasons are also pressing ontheyen astheJapanese currency was growing strong during last weeks. While theother major economies show improved macroeconomic conditions (like U.S. andAustralia), theindicators coming out ofJapan aren’t very optimistic andsuggest afurther decline. Thesilent interventions bythe
may also be taking aneffect inyen’s current depreciation.
survey showed amonthly decline from 40.8 to39.9 inJapan today. Machinery orders also fell by
. These reports were released onthebackground ofthenegative revisions oftheQ3 GDP gain. Meanwhile, investors expect thepositive fundamental releases from theU.S. consumer andexport/import sectors today.
among thetraders andthepossible return ofthecarry trade. Infact, thesituation with theDubai debt improved yesterday, but still there are fears among themarket participants that thewhole Gulf region may continue tosuffer from thebad debt problem.
USD/JPY went up from 88.30 to88.89 today after rising from 87.98 yesterday. EUR/JPY rose from 130.07 to131.06 today, while AUD/JPY rate increased from 80.94 to81.40.