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JPY Pares Losses as Abe Plans to Resign

DOLLAR-YEN
MNI (London)

Recent rumours that Japan PM would announce he was stepping down confirmed this morning and has prompted a sharp strengthening in JPY. USD/JPY had extended its recent recovery to Y106.95 earlier in Asia, sights were seen on the recent high of Y107.05, before drifting off to Y106.70 ahead of the announcement. Reaction has seen rate drop to Y106.11 but buyers emerge to cushion. Rate currently trades around Y106.28.

MNI London Bureau | +44 203-586-2231 | john.webb@marketnews.com
MNI London Bureau | +44 203-586-2231 | john.webb@marketnews.com

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