Yen loses footing against major currencies
This morning marked the end of the yen's strengthening against both the dollar and the euro earlier this week, as it fell against the world's biggest currencies, Bloomberg reported.
According to the news agency, the Japanese currency traded at 156.40 against the euro at 07:53 GMT in London, dropping from 155.55 last night in New York.
This followed the yen's strong trading at the start of the week, with Wednesday marking the Japanese currency's best performance against the world's most actively traded currencies in two weeks.
The rise came on the back of US Federal Reserve chairman Ben Bernanke's comments that the slowdown in the housing market in the United States will impact negatively on the country's economy.
However, after this temporary flare-up of risk aversion, Japanese investors once again started taking advantage of higher yields in foreign bonds, prompting a weakening in the yen, according to Bloomberg.
One Australian analyst believes the yen will continue to weaken over the next few days.
Richard Grace, senior currency strategist at Sydney's Commonwealth Bank of Australia, told Bloomberg: "In the new financial year, global growth will give Japanese investors confidence to put money offshore."