Corporate foreign exchange news

Yen 'reaches seven-month high'

Friday, 11 September 2009 09:48:41 GMT

Friday trading took the yen to a seven-month high against the dollar, reports Forbes.
As the end of the week approached, yen rose to 91.00 against the US currency, one of its highest positions for the whole of 2009 and stronger still than its previous peak earlier in the week.
Stock investment sentiment in Japan also appears strong at present, Forbes notes, following revised gross domestic product data.
The economy was originally predicted to have grown by 0.9 per cent during the second quarter of 2009.
Ultimately the figure was scaled down to 0.6 per cent; however, Forbes adds that investors "shrugged off" the revision.
The move takes yen beyond its previous seven-month high of 91.61 to the dollar, as reported by Bloomberg on September 10th.
Bloomberg noted that the peak had come the previous day, with the currency easing as far as 92.15 to the dollar during early trading.ADNFCR-2522-ID-19356435-ADNFCR
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