Yen slips, carry trades benefit
The yen slipped near to a record low against the euro yesterday as low Japanese exchange rates were exploited for carry trading purposes.
In London trading, the yen dropped to a low of 168.65 and pundits are predicting it will fall to 170 against the European currency in the coming months.
Yen trading has reached record lows against the major currencies in recent weeks, setting a record low of 168.95 per euro on July 13th.
A low of 250.53 per pound was reached on July 18th, but the yen made back some lost ground the following day, rising to 249.98 in New York trading on Thursday.
However, the yen was down across the board in early Friday trading as some negative stocks and bonds data reached the markets.
As of 0800 BST, the yen was around 121.70 to 122.50 against the dollar, 168.10 to 168.75 against the euro and between 249.50 and 250.50 against the pound.