Japanese Sovereign Debt Outlook Cut
by Trader Rich
Fitch cuts Japanese outlook; yen drops in currency trading
The Japanese yen moved lower in currency trading on the FX market today, thanks to a debt outlook cut by Fitch. The ratings agency cut the sovereign debt outlook for Japan from stable to negative. The news had the yen sinking against the greenback, but things have changed.
Since earlier, the yen has made a bit of a turnaround, coming back against the U.S. dollar. Higher gold prices are weakening the greenback across the board. On top of that, the U.S. dollar has been hit by mixed consumer data.
For now, the yen is recovering from its earlier losses in forex trading, and many expect that Japan will eventually recover from its devastating earthquakes earlier this year. The U.S. dollar might have a harder road.
- Yen in Currency Trading
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