Signs of Slowdown Spur Safety Demand, Yen Profits
The Japanese yen climbed today on signs of economic slowdown in various parts of the world, including Japan itself, that spurred demand for safer currencies. Currently, the yen shows signs of weakening.
Japan’s government downgraded its economic outlook and noted that “weak movements have been seen recently”, mentioning the negative impact of ”further slowing down of overseas economies and sharp fluctuations in the financial and capital markets”. The MSCI Asia Pacific Index of shares fell 0.5 percent. Spain’s gross domestic product declined 0.4 percent in the second quarter from the previous quarter, when it fell 0.3 percent.
USD/JPY fell from 78.75 to 78.66 as of 10:39 GMT today, while its daily low was at 78.48. GBP/JPY declined from 124.32 to 124.20 and its intraday minimum was at 123.66.
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