Yen Rebounds on Concerns Weak Currency Can Hurt Economy
The Japanese yen gained today as politicians were worried that the excessive drop of the currency may be not that beneficial for the country and may actually hurt the economy.
Japanese Economy Minister Akira Amari said that “excessive yen gains have been corrected a lot”. He voiced concern that further depreciation can make negative impact on Japanese consumers. The yen gained on the news, but the rally was limited and the currency may yet lose its gains.
USD/JPY was down from 102.74 to 102.56 as of 7:42 GMT today after touching the low of 101.92. EUR/JPY traded at 131.94 after falling from 131.94 to 130.91.
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