Yen jumps as carry traders run for cover in the middle of Asian stock market slide
Tania Bond
Jul. 11, 2007

The Yen has jumped against all major currencies in the last twenty-four hours. We predicted it in India Daily. The carry traders that take advantage of Yen’s low rates in trading Asian and emerging market shares ran for cover as Asian stocks have started sliding. The housing sector of America is creating the slide, as US consumers are no longer willing to support the Asian economies at the cost of their own standard of livings.

The yen traded at 121.36 per dollar at 7:12 a.m. in London from as high as 120.99 and from 121.74 late in New York yesterday. It climbed to 166.84 per euro from 167.38 yesterday.

Japan's yen advanced against all of the 16 most-traded currencies after the Standard & Poor's 500 Index posted its worst decline in a month yesterday on concern mortgage losses will worsen a housing slowdown. The yen has weakened this year as investors borrowed money at Japan's lower interest rates to buy higher-yielding assets elsewhere.

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