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Japanese Yen Advances The Most Since 1998
Monday, 06 October 2008 14:32:29 GMT  |  Antonio Sousa, Chief Strategist
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The Japanese yen has been exceptionally strong during today’s session, particularly against higher yielding currencies like the New Zealand dollar. Indeed, the rapid deterioration of the global financial system has prompted many investors to exit the so called carry trades and with the world economy slowing down is reasonable to think that the demand for high yielding currencies with poor fundamentals will also begin to dry up.

NZDJPY    62.853       |||||||||||||||||||||||||||||||||||||-9.74%
AUDJPY    71.639       |||||||||||||||||||||||||||||||||||||-12.08%
EURJPY    136.337    ||||||||||||||||||||||||-6.03%
GBPJPY    175.347    ||||||||||||||||||||||||-6.00%
CADJPY    91.510      |||||||||||||||||||||||-5.91%
CHFJPY    88.316      |||||||||||||||||||||-5.28%
USDJPY    100.771   |||||||||||||||||-4.31%

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