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Japanese Yen Tumbles as Importers sell JPY

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The JPY tumbled to its lowest level since July 2011 against the USD and its lowest level since August 2008 against the EUR, as Japanese importers were reported to be selling the currency to buy U.S. dollars.

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Monetary easing from the Bank of Japan as well as the rising price of crude oil have pushed the JPY down, which could be good news for exporters that have been hit by the appreciation of the Yen. Analysts are expecting this trend to reverse as the JPY buybacks begin in the near future.

Japanese Finance Minister Jun Azumi met with Chinese Vice Premier Wang Qishan in Beijing on Sunday to discuss funding support to the eurozone through the International Monetary Fund. The duo will have more to say during the G20 meeting this weekend in Mexico City.

EUROPE WEEK IN FX

AMERICAS WEEK IN FX

WEEK AHEAD

    • G20 Meetings
    • US Pending Home Sales
    • US Durable Goods Orders and CB Consumer Confidence
    • US Preliminary GDP
    • Fed Chairman Ben Bernanke Testifies
    • US Unemployment Claims
    • German Retail Sales

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Alfonso Esparza

Alfonso Esparza

Senior Currency Analyst at Market Pulse
Alfonso Esparza specializes in macro forex strategies for North American and major currency pairs. Upon joining OANDA in 2007, Alfonso Esparza established the MarketPulseFX blog and he has since written extensively about central banks and global economic and political trends. Alfonso has also worked as a professional currency
trader focused on North America and emerging markets. He has been published by The MarketWatch, Reuters, the Wall Street Journal and The Globe and Mail, and he also appears regularly as a guest commentator on networks including Bloomberg and BNN. He holds a finance degree from the Monterrey Institute of Technology and Higher Education (ITESM) and an MBA with a specialization on financial engineering and marketing from the University of Toronto.
Alfonso Esparza

@alfonso_forex

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