Japanese yen recoups some losses
On Wednesday, the Japanese yen dared to claw back some of this week’s losses during Asia trade. As for those losses we’re talking about the yen’s recent sink to 2-1/2-week minimums hit this week as the prospects for more economic stimulus in this Asian country helped to drive risk sentiment.
The evergreen buck slumped 0.5%, trading at 104.20 yen. On Tuesday, the US dollar scaled a high of 104.98 yen, the major currency’s highest value since June 24. Then, for the week, the greenback was still up approximately 3.6% against Japan’s currency.
The common currency dipped 0.5% to 115.26 yen, though it was still up about 3.7% so far this week.
In fact, there has been some revenue-taking by folks who were yen-short. It gave the yen another rise today.
Part of the Japanese yen's recent weakness could be explained by the fact that some traders’ hopes that ex-US Federal Reserve chair Ben Bernanke's gatherings with Japanese leaders this week would mark the adoption of the so-called helicopter money stimulus policy.