Wednesday, 25th February 2009
In Business In Japan,
Japanese yen 'falls broadly' against dollar
The yen fell broadly in foreign exchange trading today (February 25th) staying close to three-month lows against the dollar.
Foreign exchange strategist Johan Javeus said: "The stock market took a liking to what Bernanke said and this means that currencies more sensitive to the business cycle are recovering."
Mr Javeus, an employee at the Stockholm-based SEB, added that the Japanese currency has weakened in trading and started to decouple from following stock movements.
The dollar increased by 0.1 per cent against the yen, in early trading this morning, while the single European currency was up by 0.3 per cent, reports Reuters.
Recently, Japanese prime minister Taro Aso met with US president Barack Obama and agreed to fight protectionism and retain the US dollar as the main currency in the world.
In other economic news, Japanese exports almost halved last month as a result of the global economic downturn.