The yen remains strong on Thursday’s Asian trade, with investors prompted to buy the currency’s “safe haven” status as Tokyo’s share market weaken.
The greenback dipped by 0.2% to 101.94 yen in mid-morning Tokyo trade while it was at 102.42 yen in New York trade late Wednesday.
Rival currencies also experienced a slide. Euro went down by 0.2% to 114.65 yen and ended at 115.07 yen in New York. Australian dollar slipped to a two-month low of 75.97 yen and rose back midday to 76.35.
Stocks continue to dip down in the Tokyo Stock Exchange with Nikkei average down to 209.23 points, or 1.26 percent, ending at 16, 405.01.
Indexes went downhill as anxiety over Bank of Japan and U.S. Federal Reserve’s policy setting meetings rise. Both are scheduled on September 20-21.
As Fed attempts to increase its rates, BoJ plans on further lowering negative interest rates to steepen yield curve.
The BoJ’s next step seems to be clearer, but until the central bank’s scheduled meeting it is still uncertain what will happen.
For further market news updates, just visit our official website MXTrade.com. MXTrade reviews provide latest news about stocks, commodities, indices, currencies, and forex market to provide you the information you need. Learn how to trade and experience our team’s professional assistance to help you maximize your profit.