The yen (円 en / ien'e?) (sign: ¥; code: JPY) is the currency of Japan. It is the third most-traded currency in the foreign exchange market after the euro and the United States dollar.[citation needed] It is also widely used as a reserve currency after the U.S. dollar, the euro and the pound sterling. As is common when counting in East Asia, large quantities of yen are often counted in multiples of 10,000 (man, 万) in the same way as values in Western countries are often quoted in thousands.

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Thursday, April 2, 2009

Japanese yen recovers from new multi-month lows against majors

(RTTNews) - The Japanese yen recovered from new multi-month lows against its major counterparts in Asian deals on Friday as Asian stocks pared gains, tempering demand for higher-yielding assets.
The Japanese stock market opened higher and is trading in positive territory today morning, taking the cues from Wall Street where the major indices rose for the third consecutive day on expectations that the global economy is showing signs of stabilization.
In early morning trading, the benchmark Nikkei 225 Index, having opened strongly at 8,814 compared to its previous close of 8,720, is currently trading at 8,765, up 45.43 points, and the broader Topix index of all First Section Issues is gaining 9.85 points to 837.
Against the US dollar, the Japanese yen edged down to 100.19 during early Asian deals on Friday. This set the lowest point for the yen since November 4, 2008. Thereafter, the Japanese currency reversed its direction and is currently trading at 99.75 against the greenback with 97.4 seen as the next target level.
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