+44 (0)20 7740 0000
The yen lifted against the euro after dropping to an all-time low yesterday, according to reports.
This morning the Japanese currency was trading at 163.35 against the euro, up from 164.29 in New York, Bloomberg reports.
A slump in Chinese stock led to movements, as investors sold assets with high yields bought with borrowed yen, according to the news agency.
Japanese economic statistics released yesterday also showed a second consecutive monthly decline in industrial production.
Commenting on the impact of Chinese shares on other currencies, HSBC Tokyo's head of forex sales Kosuke Hanao told Reuters: "The foreign exchange market is swinging between hope and despair due to the developments in Chinese shares."
Masahiro Sato, joint general manager of the treasury department at Mizuho Trust and Banking, told Bloomberg the Chinese authorities are expected to "take additional measures" in a bid to cool stock markets.
"This will provide further chances for yen gains," Mr Sato predicted.
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
The Pound has begun to drop against both the Euro and the US Dollar following surprisingly poor data...
Currency Rates
| US Dollars | 1.5394 |
| Euros | 1.2008 |
| Swiss Francs | 1.5578 |
| Australian Dollars | 1.6921 |
| South African Rand | 11.130 |
| GBP indicative mid-market rate at 17:35. Please call for quote. | |
Currency Solutions Ltd is registered in England, Company No. 4864491. © 2003 - 2010
Registered address is 4th Floor, Hobbs Court, 2 Jacob Street, London SE1 2BG. Regulated by HM Revenue & Customs, No. 12162570 and authorised by the Financial Services Authority, No. 512130 as a payment service business.