The Yen continued its downward slide against its major currency rivals on Wednesday amid rumors that the Japanese government will intervene in order to devalue the currency. A high yielding Yen has been hurting the Japanese export industry, leading to calls among officials to appeal to both the American and European governments to intervene in order to stabilize the currency. In addition, amid signs that the global economic recovery was progressing, investors turned away from the JPY as a safe haven, turning to riskier currencies instead. The Yen declined to 132.34 against the Euro, and 87.74 against the Dollar.
The Yen also faced some troubling news in early morning trading on Thursday, as Bank of America reported that it will pay back the $45 billion it received in a U.S. tax payer bailout earlier this year. Investor confidence increased as a result, further damaging the safe haven Yen.