The monetary unit of Japan edged up in value against the world's reserve currency on Monday, falling under increased demand after China released underwhelming economic data about housing prices, according to Reuters.
Despite an aggressive monetary easing program that has been in place since Shinzo Abe assumed the prime minister's office in December 2012, the monetary unit of the Pacific Rim nation has been surprisingly strong thus far this year, hedge funds and additional investors have told the news source. The Nikkei was edging down on Monday as it and the yen typically perform the inverse of one another.
"Dollar-yen moves on risk aversion, and when Tokyo stocks are down, dollar/yen is down, even if the reason is a drop-off in activity in its (Japan's) major export market," head of global FX strategy Marshall Gittler with IronFX Global told Reuters on Monday.
The Wall Street Journal reports preoccupations grew about the Chinese property market as Chinese media said medium-sized banks tightened financing operations to property developers.
The past few years have seen concerns ebb and flow regarding China's market for property, The Wall Street Journal reports.
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