FXstreet.com (Barcelona) - The Yen is falling against the rest of the majors after the Japan government has accepted Finance Minister, Hiroshida Fujii, resignation today. USD/JPY has jumped to 91.60, GBP/JPY is testing 147.00 level and the EUR/JPY is trading above 132.00.
Yukio Hatoyama, Prime minister, asked Fujii to stay at this position and lead the Japanese economy to avoid the crisis but finally he accepted his resignation due to his poor health.
USD/JPY has bounced at 91.25 with the pair rising around 40 pips to trade close to 91.65. EUR/JPY has risen from 1-week low at 131.50 to trade above MA200 periods in hourly chart at 131.90. GBP/JPY is rising too from 146.45 to tests 147.00 level.
Valeria Bednarik, FXstreet.com collaborator, comments: JPY halt its upside rally and starts to fall against major rivals after market know about the resign of Fujii. USD/JPY is back at the 92.60 area from an intraday low of 91.24, while GBP/JPY rebounded at 146.45 and approaches to 147.00 area. EUR/JPY is also rising after the news and quotes at 132.00, coming from an intraday low of 131.40.
Bednarik, concludes: Japanese yen has been gaining ground since past Asian session, favored by Nikkei 225 rise and local exporters sellers, yet movement could be consider corrective, and Japanese yen likely to resume downtrend from current levels.