May 22nd, 2012 at 12:09
The Japanese
yen fell today as Fitch Ratings downgraded Japan’s sovereign credit
rating because country’s actions to reduce public huge public debt are
too slow.
Fitch cut Japan’s
long-term foreign-currency rating from AA to A+ and lowered
the local-currency grade from to AA- A+. The outlooks on both rankings
are negative. Some financial specialists recommended buying the yen
against the dollar. They are reasoning that the yen is too attractive
amid present turbulent times and the currency would bounce back rather
soon.
USD/JPY was up from 79.29 to 79.83 and EUR/JPY rose from 101.62 to 101.96 as of 12:08 GMT today.
