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Yen Rises Beyond 87 Level Against US Dollar 75 days ago
(RTTNews) - The Japanese yen rose beyond 87 level against the US dollar for the first time in 14-years during Asian deals on Thursday as most Asian stock markets are trading weak, triggering strong selling of higher-yielding currencies across the board. The yen rose to a new multi-month high against the pound and a new multi-week high against the euro.
Minutes from the October 30 monetary policy meeting revealed that the Bank of Japan's board members said that the global financial markets remain at risk amidst uncertain conditions.
The board added that the recovery for the U.S. economy is likely to lag behind the rest of the world, reiterating the need to take appropriate and flexible steps in a timely fashion.
"The Bank will maintain the extremely accommodative financial environment for some time by holding interest rates at their current low levels and providing ample funds sufficient to meet demand in financial markets," the minutes said.
During Asian deals on Thursday, the yen strengthened to 144.72 against the British pound. This set the highest point for the Japanese currency since September 15. If the yen climbs further, it may likely target the 142.88 level. The pound-yen pair closed Wednesday's deals at 145.94.
Against the currency of Europe, the yen climbed to a new multi-week high of 131.02 by about 10:30 pm ET Wednesday. The next resistance level for the yen is seen at 130.7. The euro-yen pair closed yesterday's New York deals at 132.20.
Italian November trade balance and Eurozone October M3 money supply are expected in the upcoming session.
Thursday in Asia, the yen continued to creep higher versus the dollar, jumping to a new multi-year high of 86.54, compared to 87.36 hit late Wednesday in New York. If the yen moves up further, it may test resistance around the 84.45 level.
No economic reports are scheduled to be released on Thursday due to the 'Thanksgiving Day' public holiday.
The Japanese yen rose against the Swiss franc during today's early Asian deals and hit a 6-day high of 87.15. The next upside target level for the yen is seen at 86.83 against the franc. At yesterday's New York session close, the pair was quoted at 87.69.
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