The Japanese Yen Just Took Its Biggest Dive In Weeks

The Japanese yen – arguably the hottest currency trade in the world right now – continues to sink against the U.S. dollar.

Today's move marks the yen's biggest dive against the dollar in over two weeks and comes on the heels of the Japanese currency's recent strengthening over the past few trading sessions.

Today, it's breaking through new lows in its recent journey downward – right now, it's trading around 94.30 to the dollar versus where it opened last night, around 92.72.

The yen is likely getting hit today due to strength in the dollar and the euro. Earlier, comments from Bundesbank President Jens Weidmann, who stated that the euro is not seriously overvalued, caused the common currency to go higher.

On Saturday, while currency markets were closed, the Japanese economy minister said that the government wanted to see the Nikkei surge 17 percent from its current levels by the end of March.

The Tokyo Stock Exchange was closed today for the holiday, so observers were unable to gauge the stock market's reaction. However, stock index price appreciation implies a lower yen, so that is likely contributing to the currency's decline as well.



More From Business Insider
  • How a mom stole a car in under 60 seconds 6 hours ago
    How a mom stole a car in under 60 seconds

    “I didn't steal your car but I think my mom may have. It's a long story. I'll explain, but your car is safe and sound," read the flier posted in Red Hook, Brooklyn. It’s a strange tale that began when Cheyrl Thorpe was asked by her daughter Nekisia Davis to dog sit her Pomeranian at her apartment, according to New York Magazine.

  • All-new 2015 Subaru Outback reestablishes higher ground 8 hours ago
    All-new 2015 Subaru Outback reestablishes higher ground

    Much of Subaru’s modern day success in America can be attributed to one car: the Outback. Born in 1994 as a response to the growing popularity of SUVs, the Outback established a winning formula of combining a high-riding suspension, butch body cladding and big round fog lights to its comfortable, no-nonsense Legacy wagon. It is the kind of unique product that only a quirky company like Subaru could build, and was one that kept Subaru from slipping into ubiquity even as traditional SUVs and crossovers have taken over the world.

  • Custom faux-tique electric tram aims to replace New York's horses over the neigh-sayers 9 hours ago
    Custom faux-tique electric tram aims to replace New York's horses over the neigh-sayers

    For the record, it's the year 2014. I mention that in case someone reading this story about a push to replace horses with motorized carriages thinks they've stumbled onto some archival piece by accident. It's been more than 100 years since the first vehicles began to trundle around Manhattan, but the last remaining vestiges of horse-powered transport in the city could be nigh — if the backers of a massive electric wagon get their way.

  • Singaporeans slam NEA's $120 licence requirement for tissue sellers
    Singaporeans slam NEA's $120 licence requirement for tissue sellers

    Singaporeans on social media reacted angrily to news that tissue sellers at hawker centres and street corners are being required to pay for an annual licence.

  • ‘Huge’ Hindu, Buddhist statues against Islam, ex-judge says
    ‘Huge’ Hindu, Buddhist statues against Islam, ex-judge says

    KUALA LUMPUR, April 16 — The “huge” statues at a Hindu temple in Batu Caves and Buddhist temple in Penang are an affront to Islam as the religion forbids idolatry, a retired Court of Appeals judge...

  • Heartbreaking texts from students on sinking S. Korea ferry
    Heartbreaking texts from students on sinking S. Korea ferry

    Heart-wrenching messages of fear, love and despair, sent by high school students from a sinking South Korean ferry, added extra emotional weight Thursday to a tragedy that has stunned the nation. Nearly 300 people -- most of them students on a high school trip to a holiday island -- are still missing after the ferry capsized and sank on Wednesday morning. Mom, I love you," student Shin Young-Jin said in a text to his mother that was widely circulated in the South Korean media.