Futures Market News
Japanese yen climbs against rivals
Mar 05, 2012 10:42 AM
Monday saw the monetary unit of Japan make a modest recovery against its counterpart currencies after China slashed its economic growth target, Bloomberg reports.
The host of the globe's most rapidly developing economic system reduced its economic goal from 8 percent to 7.5 percent. The 8 percent figure had remained since 2005 and the reduction signals leaders of China are driving toward minimizing dependency on capital spending and exports while driving harder toward consumption.
"There are apparently substantial flows from exporters," analyst Teppei Ino with the Bank of Tokyo- Mitsubishi UFJ told Bloomberg. "The dollar-yen rate has neared 82, triggering buying of the yen."
The value of the U.S. dollar fell from its top level against the yen in nine months after having gained about 7 percent against the monetary unit of the Pacific Rim nation during the past four weeks, according to Reuters. The yen increased 1.1 percent against the shared currency of the European Union.
Central banks - the Bank of Japan and the European Central Bank - are largely responsible for the performances of their nations' monetary units as the former implemented a surprise round of monetary easing last month while the latter opened the second round of a loan program to aid debt-hobbled banks last week.
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