The Japanese yen fell against other major currencies today after reaching record highs yesterday as the massive rate cut by the world’s major central banks inspired some confidence in the stock markets.
The Japanese yen demonstrated a breakthrough growth against almost all major currencies today as the stocks tumbled globally and traders sought the «safe haven» assets.
The European currency fell to the lowest level in the last two years against the Japanese yen and the weakest level in more than 13 months against the U.S. dollar today as the credit crisis urged Eurozone’s governments to pledge a help to the troubled financial institutions.
The Japanese yen fell today against the other major currencies on Forex after the central bank of the developed countries said that they will act together to provide the necessary liquidity to the global financial system.
The Japanese yen rose to the new monthly and yearly maximum against the other major currencies traded on Forex today as the situation with the financial crisis worsened significantly through the weekend and Monday and the traders expect no improvement in the near future.
The Japanese yen continued to grow against the major currencies today as the early stock market trading shows no sign of the optimism that was expected from the Freddie Mac and Fannie Mae bailout.
The Japanese yen showed a record fast growth against the major currencies this week as the stock markets declined worldwide and investors favored the low-risk assets in Japan, spurring the currency conversion process.
The euro rose today against the dollar and yen for the second day and for the third day against the Great Britain pound after the ECB policy makers signaled yesterday that there won’t be any rate cuts in the Eurozone soon.
The Japanese yen fell from its more than two weeks maximum against the U.S. dollar today as the Japanese investors sought to buy foreign assets after their currency advanced so much yesterday.
The euro fell to its five-month lowest level against the U.S. dollar as the investors traded on the high probability that the ECB won’t be raising interest rate as the economy is slowing.