Yen rises against dollar for three consecutive days
Yen rises against dollar for three consecutive days
03-12-2009 16:12
The global recession increased the attractiveness of less risky currencies and declined the demand for more risky currencies as the Japanese yen gained versus the US dollar for the third consecutive day. China’s customs bureau’s report proved that its trade surplus decreased to a record low since February 2006.Fourth quarter 2008 fatal for Japan’s economy
The euro and the British pound are vulnerable against the dollar and the yen in times of risk-aversion. Meanwhile, the Australian and New Zealand dollars also dropped against the Japanese yen. In the fourth quarter of 2008 Japan’s economy showed the worst decline since 1974.Japan’s revised GDP better than expected
Japan’s latest GDP figures affect Japan’s economy but also other countries because it indicates that exceptionally poor circumstances will hurt all economies. The modified GDP turned out to be a little bit better than expected, which also boosted the Japanese yen. Analysts expect the worldwide economic situation to deteriorate in the initial quarter of 2009.
