Growing China’s Economy Saps Demand for Safety of Yen
The Japanese yen together with other safe currencies, including the US dollar and the Swiss franc, weakened against most major currencies today as the robust growth of China’s economy reduced investors’ demand for safety.
China’s consumer prices inflation accelerated to 5.5 percent from 5.3 percent last month according to the National Bureau of Statistics. The industrial production grew 13.3 percent in May, following the 13.4 percent growth in the month before. The Producer Price Index remained at 6.8 percent, while forecasts warned that it may retreat to 6.6 percent.
EUR/JPY traded at 115.83 as of 10:32 GMT after it climbed from 115.63 to 116.42 today. USD/JPY was slightly down from 80.20 to 80.18 after rising to 80.45.
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Earlier News About the Japanese Yen:
- Yen Falls on Anticipation of Stimulus (2011-06-13)
- Yen Profits from Fears of European Crisis (2011-06-08)
- Yen Loses Strength on Poor GDP, Rebound of Stocks & Commodities (2011-05-19)
- Yen Gains as Demand for Safety Surges After Pakistan Bombing (2011-05-13)
- Japanese Yen Falls as Commodities & Stocks Rally (2011-05-10)