Yen Slides as Risk Appetite Grows

By IBTimes Staff Reporter | March 24 2010 6:02 AM

The Japanese Yen traded calmly for most of yesterday's trading, almost unchanged against the other major currencies. The main currency to decline against the JPY was the EUR, which came as a result of the Euro's recent volatility against all major currencies, rather than any economic news. The EUR/JPY is currently trading at 121.87, 60 pips down from the day's opening, after trading even lower during yesterday's trade.

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Just before the end of yesterday's trading, at 23:50 GMT, Japan published its trade balance figures, which came out better than expected. Japanese exports grew in February at their fastest pace in 30 years. After the report was published, the JPY climbed against the USD. The report is showing an increase in exports both to the U.S. and Asia. This is a healthy signal about the global economy, pointing to the fact that consumers are slowly picking up demand around the globe.