Dollar strengthens against yen

<p>The dollar is up against the yen today.</p>

The dollar rebounded against the yen today (June 4th) due to the strong gains recorded by the Nikkei index during the trading session.

It rose by more than two per cent, providing a boost to the greenback after it had been hit by poor manufacturing data from the US.

Minori Uchida, chief currency analyst at the Bank of Tokyo-Mitsubishi UFJ, told the Wall Street Journal that it seems like the dollar has "firmed" against the yen.

The dollar was at 99.80 yen from 99.53 yen in late New York trading as investors eagerly await Japanese prime minister Shinzo Abe's growth strategy speech on Wednesday.

Yuji Saito, director of foreign exchange at Credit Agricole, said: "The markets will be keenly watching if there will be anything to excite the Japanese share market."

Shogo Maeda, head of Japanese equities at Schroders, recently claimed the poor state of the yen is going to help Japanese companies to record strong profits this year.

Learn about the Asian markets and CFD trading at City Index

Build your confidence risk free
Join our live webinars for the latest analysis and trading ideas. Register now

StoneX Financial Ltd (trading as “City Index”) is an execution-only service provider. This material, whether or not it states any opinions, is for general information purposes only and it does not take into account your personal circumstances or objectives. This material has been prepared using the thoughts and opinions of the author and these may change. However, City Index does not plan to provide further updates to any material once published and it is not under any obligation to keep this material up to date. This material is short term in nature and may only relate to facts and circumstances existing at a specific time or day. Nothing in this material is (or should be considered to be) financial, investment, legal, tax or other advice and no reliance should be placed on it.

No opinion given in this material constitutes a recommendation by City Index or the author that any particular investment, security, transaction or investment strategy is suitable for any specific person. The material has not been prepared in accordance with legal requirements designed to promote the independence of investment research. Although City Index is not specifically prevented from dealing before providing this material, City Index does not seek to take advantage of the material prior to its dissemination. This material is not intended for distribution to, or use by, any person in any country or jurisdiction where such distribution or use would be contrary to local law or regulation.

For further details see our full non-independent research disclaimer and quarterly summary.