Finance, Forex and Investments

Japanese Yen Hits Record High Since World War II

Summary: The Japanese yen posted a new high against the U S dollar since the World War II due to fallouts of the earthquake and nuclear explosions The yen to the dollar exchange rate closed at 79 59 yen rising by 1 12 yen from the previous day in the New York Stock Exchange on Wednesday local tine It replaced the previous record of 79 75 yen in April 19th 1995 The yen soared based on a forecast that demand for the Japanese currency will increase if Japanese investors recoup their overseas investments and send back to their country to help financing restoration The yen to the dollar is currently rising further hitting 79 05 yen against the dollar as of 2 00 p m on the 17th in the Asian foreign exchange market Asian market players are now very keen to whether the Bank of Japan BOJ will intervene in the foreign exchange market or not for the first time since last September However many in the market support an analysis that the BOJ will not immediately do so because the market is already expecting the central bank s intervention An immediate action could fall victim to speculative forces in the foreign exchange market A pessimistic view runs deep in the market Japan will fall into a severe recession if the yen gets stronger further amid growing fears of nuclear meltdowns and release of radioactive materials Major Asian stock markets that temporarily seemed calming down as of yesterday started falling again amid concerns over the strong yen and nuclear crisis Japan s benchmark Nikkei 225 Stock Average closed at 8 962 67 plunging by 131 05 points 1 4 from the previous day Stock markets in China Taiwan and India fell by more or less than 0 5 while those in Hong Kong and Singapore dropped by more than 1 Contrarily South Korea s benchmark KOSPI rose by 1 06 points 0 05 from closing at 1 959 03 despite simultaneous falls in other Asian markets Written by Dong wook Chung Su hyun Song edited by Soyoung Chung The Japanese yen posted a new high against the U S dollar since the World War II due to fallouts of the earthquake and nuclear explosions The yen to the dollar exchange rate closed at 79 59 yen rising by 1 12 yen from the previous day in the New York Stock Exchange on Wednesday local tine It replaced the previous record of 79 75 yen in April 19th 1995 The yen soared based on a forecast that demand for the Japanese currency will increase if Japanese investors recoup their overseas investments and send back to their country to help financing restoration The yen to the dollar is currently rising further hitting 79 05 yen against the dollar as of 2 00 p m on the 17th in the Asian foreign exchange market Asian market players are now very keen to whether the Bank of Japan BOJ will intervene in the foreign exchange market or not for the first time since last September However many in the market support an analysis that the BOJ will not immediately do so because the market is already expecting the central bank s intervention An immediate action could fall victim to speculative forces in the foreign exchange market A pessimistic view runs deep in the market Japan will fall into a severe recession if the yen gets stronger further amid growing fears of nuclear meltdowns and release of radioactive materials Major Asian stock markets that temporarily seemed calming down as of yesterday started falling again amid concerns over the strong yen and nuclear crisis Japan s benchmark Nikkei 225 Stock Average closed at 8 962 67 plunging by 131 05 points 1 4 from the previous day Stock markets in China Taiwan and India fell by more or less than 0 5 while those in Hong Kong and Singapore dropped by more than 1 Contrarily South Korea s benchmark KOSPI rose by 1 06 points 0 05 from closing at 1 959 03 despite simultaneous falls in other Asian markets Written by Dong wook Chung Su hyun Song edited by Soyoung Chung

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