As promised I’m back with the Yen’s debacle story!!!!!
The Yen was not performing well in the World Market since the last year ‘2006 and its bad performance is still on. The downfall became more powerful in the month of December’06. The Yen lost its ground against the Euro by 0.5%. At that time the Euro braced up itself against the Japanese Yen. The Japanese market was really tensed at that time and before they thought of gaining stability, again the Yen has slithered. And this time, it slithered to an all-time high to Y156.76 against the Euro. The Yen came under real pressure when the data from the Japanese production house revealed that the industrial production rose by less than the forecast thus enabled the Euro to go up.
Keeping in view that the yen is losing its footing; some Financial Analysts anticipated that the yen will continue to loose its balance in New Year too. However may be anticipator, HATS OFF TO HIM. His anticipation came true.
Time and Tide never waits for anybody. So our much-awaited New Year was in. Every Countryman welcomed this New Year with their smiling faces. Everybody will think to give out their Fantastic performance. And World markets are no exception. But the Japanese Market didn’t get that chance. Before the yen market made some preparations for its raise, the U.S dollar has already made some outstanding preparations against the Yen and the Yen again fell by 0.7% against the U.S dollar, making it an all-time high.
Did the debacle stop? No, it didn’t. Now it was the turn of
And on 19th this month, everybody in
Now its turn that we speak about the latest update, i.e., yesterday 21st Jan,07 once again the Yen lost its ground. The Japanese currency fell to its lowest level since March 2003 against the dollar, a nine-year trough against sterling and came within touching distance of a fresh all-time low against the Euro. At this point the fellow traders are buying high-yielding currencies by selling the low-yielding currencies like the Yen.
Over the week, the yen fell 0.9 per cent to Y121.40 against the dollar, 1.7 per cent to Y239.50 against sterling and 1.1 per cent to Y157.10 against the Euro.
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