Posted on Wednesday, 19th May 2010 by Emily Smith
The misfortunes of the euro currency, which has now declined to four-year lows vs. the U.S. dollar, have been the fortunes of the Japanese yen-focused exchange traded funds (ETFs).
The Japanese yen is making moves that have taken the currency higher than both the pound and the euro. It’s not yet up to par with the U.S. dollar, though. Daily FX reports that the fundamental picture has started to brighten for Japan, the world’s second-largest economy, with improving exports pushing the current account surplus to a two-year high of $27.2 billion. []
As investors continue to seek risk aversion and make a flight to quality in their investments, the yen could move even higher. FX Street reports that another factor supporting the yen is the Bank of Japan’s two-day rate-setting meeting. The next Asian session monetary policy statement could reflect the Japanese yen as having regained the upside against major rivals. []
- CurrencyShares Japanese Yen Trust (NYSEArca: )
- WisdomTree Dreyfus Japanese Yen (NYSEArca: )
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Tags: Etfs, Japanese Yen
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