Tuesday September 14, 2010 - 14:34:05 GMT
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Kan Keeps PM Job, but Yen Still Hovering Near 15-Year HighOvernight the U.S. Dollar reached a new 15-year low versus the Japanese Yen on uncertainty regarding a leadership election in Japan. At issue
Overnight the U.S. Dollar reached a new 15-year low versus
the Japanese Yen on uncertainty regarding a leadership election in Japan.
At issue was whether the current Prime
Minister Kan would
keep his job or not. Kan
has been a staunch supporter of intervention. When it was all over, Kan was able to keep his
job, but the December Japanese Yen has barely backed down from its overnight
high at 1.2048.
The inability to break the Japanese Yen shows a lack of
confidence in the government and the Bank of Japanâ€™s ability to pull off a
successful intervention. By taking the Yen to a new high, investors are saying
the countryâ€™s leaders lack the clarity and conviction to weaken the currency.
The Dollar is trading better against most majors with the
exception of the Japanese Yen, indicating that traders may take risk off the
table today after yesterdayâ€™s strong demand for risky assets driven rally.
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