Demand for Japanese yen surges to six-week high

By Andrew Wilkinson
08 July 2009 @ 12:41 pm EDT

In isolation a decline in capital investment in Japan might be seen as further evidence of a nation mired in deep recession. But in light of creeping evidence that global fiscal stimulus is either insufficient or wearing thin, a third monthly decline in machinery orders led investors to abandon bullish plays on pro-cyclical growth currencies and instead favor the yen, which broke to six-week highs against both the dollar and euro. However, yen strength has continued against all the majors today. The ¥94.08 against the dollar and ¥130.42 reading against the euro have not been seen since late May.

Contributed by Interactive Brokers

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