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.
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