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Yen rises on demand for safe assets

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Yen rises on demand for safe assets

A drop in Asian stocks and US shares has driven up the demand for safer assets. As a result, the yen has risen by 0.2% against the euro to 137.30, hitting a five-month high. The currency also strengthened against the dollar by 0.2% to 101.52.

The Japanese currency strengthened against all 16 of its major peers following the imposition of the EU and US’s moves to implement new sanctions on Russia over the ongoing crisis in Ukraine. The euro dropped for the third consecutive day against the yen prior to a European report which predicted that inflation would be confirmed as having stayed below the central bank’s goal. Also, a gauge of the dollar was near a four-week high as economists said US data will show housing starts and a measure of manufacturing rose.

Speaking to Bloomberg, chief market strategist at IG Ltd Chris Weston says that there is more tactical, defensive positioning in the market which will likely be beneficial for the yen. “We’ve been suggesting declines and looking to short euro-yen,” he said, referring to a bet that the 18-nation currency will weaken.

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Ebene Cybercity,
Mauritius,
J. Balcikonio str. 9,
LT- 08314, Vilnius,
Lithuania,

media contact

About

deVere Group – Foreign Exchange’s Public Relations Department deals with all areas of the media and external communications including international, national, regional, local, trade, consumer, print, broadcast, social and online. The Department aims to provide a helpful service to journalists, broadcasters and editors, amongst others, and reply to all media enquiries, including urgent enquiries out of hours, within agreed deadlines.

Contact

Our press office does not have access to client details and will not be able to assist with individual client enquiries. Please contact deVere Group – Foreign Exchange’s Head of Public Relations on [email protected] or call +44 2071220925.