To the chagrin of the Bank of Japan, which would prefer to have a lower yen, and the many Japanese exporters harmed by the elevated yen, the turmoil in Europe continues sending haven buyers to seek the perceived safety of the yen. And as the European leaders have shown their inability to address the debt problem, the euro has lost on the yen. On April the 2nd the EURJPY traded above 111. Since then it has plunged to a low of 95.57 in early June. The rally in the euro did carry to 1.01 but has since fallen to under 98.
We can certainly agree the euro has not been a safe place to park money or make investments, but the Japanese yen merely seems like choosing the less ugly. Let us look at some of the recent data coming from Japan.
Today it was reported the current account narrowed
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