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Yen goes down against its rivals

On Wednesday, the Japanese yen slightly dropped against its key counterparts during Asia trade as market participants are waiting for the Fed’s and BOJ’s fresh monetary-policy decisions on Wednesday and Thursday.     

The evergreen buck was trading at ¥106.17. On Tuesday, the major US currency dived to as low as ¥105.63, thus approaching to its year-to-date ¥105.55 minimum achieved on May 3, but soared to ¥106.09 late on Tuesday in New York.    

The common currency also surged from ¥118.89 to ¥118.99 late on Tuesday. That day the euro had hit ¥118.51, the lowest value since January of 2013. Meanwhile, the British pound  also went up to ¥150.18 midday right after dropping to ¥149.20 on Tuesday, the lowest outcome for almost three years.

Market participants sought the yen’s safety, considering this choking uncertainty as for the upcoming Brexit vote next week.  However, they seem to have held back in order to take yen buying positions. It’s because they shifted from their major focus to US and Japanese monetary policy gatherings.

     

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