The yen was on course for its first weekly dollar gains of 2007 in early foreign exchange trading on Friday after EU finance ministers said that the Japanese currency is too cheap.
The dollar was valued at ¥120.76 in London on Friday, down from ¥120.82 yesterday and ¥121.54 last week. On the euro the yen traded at ¥157.21 from ¥156.99 last week.
"The possibility investors will buy back the yen has increased dramatically," Okasan Securities dealer Tsustomu Soma told Bloomberg.
French and German finance ministers have both said that they will raise concerns about the yen's fluctuations, which hit a four-month high yesterday, at a G7 meeting next week.
"People who sold the yen are nervous about comments intended to curb its weakness as the G7 approaches."
US treasury secretary Henry Paulson has said that he is taking a more relaxed outlook on the yen however, saying that the currency's value is based on "fundamentals".
Please note: All rates are subject to change, for the latest up-to-date rates check our Currency converter
Contact Us
Currency Converter
Today's Currency News
Markets are gearing up for an action-packed trading session, with key policy meetings of the BoE and...
Currency Rates
| US Dollars | 1.5808 |
| Euros | 1.1904 |
| Swiss Francs | 1.4419 |
| Australian Dollars | 1.4681 |
| South African Rand | 12.001 |
| GBP indicative mid-market rate at 23:35. Please call for quote. | |
Currency Solutions Ltd is registered in England, Company No. 4864491.
© 2003 - 2012
Registered address is Hobbs Court, 2 Jacob Street, London SE1 2BG.
HM Revenue & Customs, No. 12162570
Regulated and authorised by the Financial Services Authority,
as a Payment Institution, No. 512130