The Japanese yen climbed to the highest level in more than a month today before retreating a little as Forex market participants feel uncertain as borrowing costs in European nations rise.
The yield for ten-year Italian notes climbed 23 basis points to 5.69 percent yesterday, the highest level since February 17. The yield of Spain’s securities maturing in 10 years reached 5.99 percent yesterday, the highest since December 12. It looks like concerns about Europe’s debt is firmly rooted and aren’t going to disappear despite all efforts to prevent recession.
The MSCI Asia Pacific Index of shares dropped 0.9 percent today. The Standard & Poor’s 500 Index was down 1.7 percent and the Stoxx Europe 600 Index slumped as much as 2.5 percent yesterday.
USD/JPY was at about 80.91 as of 6:27 GMT today, following the drop from 81.51 to 80.67 yesterday. EUR/JPY traded at 106.05 after falling from 106.76 to 105.51. GBP/JPY was down from 129.54 to 127.94 yesterday before trading at 128.61 today.
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