Wednesday, 18 February 2009

Japanese Yen - no longer part of the safe haven matrix

The Japanese yen is continuing its decline and one of the more interesting features of yesterday’s big sell-off (Feb 17th) was that the yen is losing its bid despite the fact that the other safe haven plays - the dollar, long term Treasuries and gold all rallied as fear returned to global capital markets.
If you are looking to trade the Japanese currency the exchange traded fund FXY, if you can short it, looks like it is targeting the 104 level.

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