Tuesday, 15 Dec 2009

The Yen completed yesterday's trading session with mixed results versus the other major currencies. The JPY was broadly unchanged versus the EUR yesterday and closed its trading session at around the 130.05 level. The JPY also saw a small bullishness against the USD and closed at 88.55.

Confidence among Japan's largest manufacturers climbed the least since the economy emerged from its worst recession as companies have become more concerned the yen's gains will erode profits. The report showed large companies planned deeper spending cuts to protect earnings that are under threat from a currency that climbed to a 14-year high against the dollar last month.