Yen Soars against the Dollar

By IBTimes Staff Reporter | November 17 2009 4:53 AM

The Yen soared against the Dollar in Monday's trading, due to the GDP (Gross Domestic Product) of Japan (the second biggest economy) growing by 4.8 % in the 3rd quarter. This was the second consecutive increase since the start of the nation's deepest postwar recession. The Yen also jumped due to Asian leaders promising to maintain the economic stimulus packages during a meeting in Singapore yesterday.

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The Yen rose by 52 pips against the USD to close at the 89.04 level. The JPY also made impressive gains vs. the European currency. It seems that we are seeing evidence that the economic stimulus has helped Japan exit the recent recession. It is expected that the demand in Japan's economy will eventually pick up. As a result, the Japanese economy and the Yen will continue to build on recent gains.