FXstreet.com (Córdoba) - The Yen failed to break below 89.44 (intra-day low) in the last hours. USD/JPY currently trades at 89.54/58, 0.84% below today's opening price. During the Asian session Greenback was unable to hold above 90.00 and weakened. The pair is losing on Friday previous gains and trades a few pips above the price it had at the beginning of the week.
The Yen is also stronger against European currencies. GBP/JPY failed to hold above 150.00 and now is hovering around 149.40. EUR/JPY tumbled from 134.15 to 132.80, posting a fresh one-week low. The Euro managed to recover part of the losses and rose back above 133.50.
Michael J. Malpede, analyst at Easy Forex comments: Rumors are circulating that China may be considering a one time Yuan revaluation and JPY benefits as a proxy for the potential that the Yuan revaluation may lead to a rise in Asian currencies. Despite today's upward revision in Japan's industrial production Japan's finance minister said that the Japanese economy remains unstable. Focus turns to Monday's release of Japan's Q3 GDP.