Yen goes up against greenback

On Tuesday, the Japanese yen managed to strengthen against its key counterparts during Asia trade, reaching its highest value against the evergreen buck since mid-July, as hopes receded for policy steps the Japanese government will probably put together. 

The major American currency gained downside momentum during Asia trade, trading at ¥104.32. The given value appears to be much lower than Monday’s ¥105.81 in New York.

The common currency slumped from ¥116.50 to ¥114.78, while the sterling dipped to ¥136.87 from ¥139.03. The Australian dollar as well as the New Zealand dollar traded higher against the Japanese currency.

The Nikkei financial daily posted in its Tuesday morning edition that Japan is considering a possibility of pumping up to 6 trillion yen in direct fiscal outlays into the national economy over the upcoming few years, double the amount firstly planned. As for the overall package, including loans to firms, it  could surpass 20 trillion yen.

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