Currency News: Yen Gains on U.S. Dollar
Currency News
As China’s economy remains stagnant, investors have been looking for a safe currency to invest in. Investors have been finding a safe currency in the Swiss franc, but more notably the Japanese yen.
5000 Japanese yen banknote, currency of Japan, front side
The U.S. dollar 119.30 yen on Monday which is the lowest for the dollar in two months. The reason for the yen becoming stronger is due to its poor relations with China. The two Asian countries don’t trade often which makes Japan’s economy a lot less affected than other developed countries who rely on China far more.
This doesn’t mean that dollar is getting weaker. The federal reserve raising the interest rates has increased, which has helped the dollar gain ground against most of its competition. Global stocks have been sinking because of china, leaving the U.S. and the majority of the world concerned about growth. The yen is just the exception.
