Japan: Japanese yen continues to gain ground
January 30, 2012
On 27 January, the Japanese yen (JPY) traded at 76.7 U.S. dollar (USD) per JPY, strengthening 1.5% compared with the same day the previous month. This follows the strong development witnessed in 2011, when the JPY ended the year up 5.2% over 2010. The January figure represents, in fact, the yen's highest level since the currency touched an all-time record high against the USD on 28 October 2011, which prompted the Bank of Japan to intervene in the foreign exchange markets. On an annual basis, the yen has strengthened 7.5%. Consequently, various analysts point to the possibility of further Bank intervention if the yen continues to appreciate.