The Yen saw a rising trend against most of the major currencies during yesterday's trading session. The Yen rose against the Dollar and the Pound, and so a 60 pips rise vs. the Euro.
The Yen was boosted by better than expected Gross Domestic Product (GDP) figures for the 4th quarter of 2009. The report shows that the Japanese economy rose by 1.1% during the 4th quarter of 2009. It seems that a global trade revival has increased demand for Japanese exports. This proves that the Japanese economy is indeed recovering, and in a faster pace than expected. The Yen also rises as a result of the Greek debt crisis. There are concrete concerns at the moment regarding how this will affect the Euro-Zone's economic recovery. For as long that the uncertainty on this matter remains, the Yen, which is considered to be a relatively safe investment, is likely to rise.
Today, the most interesting publication from the Japanese economy looks to be the Tertiary Industry Activity. This report measures the change in the total value of services purchased by businesses. Businesses are usually quickly affected by market conditions, and thus this indicator is considered to be quite reliable. If the actual result will be positive, it is likely to support the Yen.