Yen Still Struggling at 116
A clean release slate and hawkish comments out of Europe kept USD/JPY trading volume light early Tuesday morning. A slightly weakened dollar suffered early on despite conflicting rumors of a 25 or 50 basis point hike looming Thursday. However, the Yen slipped on reports that Bank of Japan Governor Fukui’s wife held substantial stock in Hanshin Railways, whose takeover by Hankyu Railways was at least in part thanks to the recently embattled Murakami Fund. The controversy surrounding Fukui has been a thorn in the Yen recently, and with a further gap in interest rates approaching on Thursday, along with mixed data out of Japan, traders have grown increasingly wary of the currency. As of 6:00 GMT USD/JPY traded at 116.25, down from Monday’s New York close of 116.29.
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