Yen jumps on the Euro

The Yen rose today to a 9 month high (JPY/EUR) as signs of global economic recovery faded for currency traders. The Japanese currency rose on account of being sought after as a safe haven. The Yen rose against all 16 of the major currencies, touching 89.25 to the US dollar, with a high of 89.14. it also rose against the Euro to 125.30, the highest level since April 28, 2009.

Contributing to the Yen’s rise were primarily the German consumer prices, which fell this month, suggesting a slowdown in the economic recovery in Europe, alongside the US dollar, which weakened for the second straight day, as concerns of the Fed Reserve keeping interest rates intact near ‘zero’, a decision likely expected by the end of today.

On the Asian side, the North Korean military activity sparked concerns of a possible military dispute in that region, sending traders reaching for their save haven trades.