Yen strengthens against dollar

Yen is up against the dollar today.


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By :  ,  Financial Analyst

The yen has strengthened against the dollar this morning (May 29th), helping to cancel out some of the losses sustained by the currency in recent weeks.

Today has seen the dollar lose 0.1 per cent to 102.26 yen, just a day after the US currency was up by 1.4 per cent.

An executive at a research company who chose to remain anonymous told Reuters that the downward pressure on the dollar-yen is already over.

"Exporters are now offering 102.70-80. They have been quiet but now they're trying to sell any rally to the 103 figure," he was quoted as saying by the news provider.

Daisuke Karakama, market economist at Mizuho Corporate Bank, predicted that the general trend towards the buying of the dollar is set to continue.

Koichi Takamatsu, a manager of forex at Nomura Securities, recently noted he expects the yen to follow the lead of the Nikkei in the coming weeks.

This morning's trading saw the index rise by just 0.1 per cent after a choppy period.

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