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The Japanese yen tumbled against all but one of its 31 major counterparts this week as easing geopolitical upheavals in Ukraine and Iraq dwindled demand for haven assets.
The yen erased 0.1% to ¥102.50 per dollar at 12:55 p.m. in Tokyo, dropping 0.5% this week. It reached ¥136.99 per euro from ¥136.92 yesterday. The currency slipped 0.1% since August 8. The euro traded at $1.3363 after sliding to $1.3333 on Aug. 6, the lowest since Nov. 8.
“The yen is usually a safe haven, so it generally corresponds to risk appetite. Ukraine’s impact is decreasing over time in the absence of fresh news, and unless you get fresh adverse news, I wouldn’t expect it to weigh on risk appetite further,” said Imre Speizer, Markets Strategist at Westpac Banking Corp.
Russian President Vladimir Putin would meet Finnish President Sauli Niinistoe in the southern town of Sochi today, marking Putin’s first bilateral talks with a European leader since his meeting with German Chancellor Angela Merkel in Brazil in the last World Cup.
