1:55 am - Thursday July 24, 2014

Dollar Climbs Up Against The Yen, Strong For The First Time In 2 Years

Asia Bizz: Dollar Climbs Up Against The Yen, Strong For The First Time In 2 Years

The US Dollar climbs up against the Japanese yen and has gained to most in a day in almost two years. The Japanese yen has been strong for more than a week now, since Tuesday after Japan sold off its yen to stabilize its economy and get trade back into action.

The dollar is happy today as it has gained 3.1% and stood at 85.63 in the market, plus most of the credit goes to Japan as it sold of the yen in their country, and we are speaking of a big sum. The Japanese yen was at the strongest in about 15 years against the dollar in the foreign market.

The Yen will be looking to come back, but for the moment it needs to keep its fragile recovering economy of its, safe, before something worse could happen. The yen was strong and not only against the dollar but also against most of the Euro currencies, which was in fact affecting the exports of the country, as exporters were moving away from the rising yen power.

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