Futures Market News
Yen climbs against counterpart currencies
Apr 09, 2012 10:27 AM
Regional tensions also proved to be beneficial for the yen as North Korea launched a rocket, which underscored the monetary unit's value as a storage haven. The U.S. probably saw a inflation slip, which tugs the value of the U.S. dollar while the top economy of the embattled euro zone returned tepid economic results.
"The European economy is weak," analyst Kumiko Gervaise with an arm of Japan's largest online currency margin-trading company Gaitame.com Research Institute told Bloomberg. "The German economy is getting weaker than before. Bad data from Germany may contribute to euro weakness."
The yen had its top performance against the 17- nation common currency since March 7.
The Pacific Rim nation's 1.1778 trillion yen surplus during February fell 30.7 percent as compared to February 2011, data released by the Japanese Finance Ministry indicates, according to Reuters. Japan's economy, third-largest in the world behind second-place China and the top-ranking system of the U.S., is bouncing back as external demand forecasts its recovery.
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