The yen dropped, the euro climbed

08 April 2013 - Mark Maffia

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The yen dropped, the euro climbed


The euro reached a three year high of 128.44 yen, and the dollar climbed 1.5 percent against the yen after the Bank of Japan undertook bond purchases for the first time since their monetary easing last week.

The dollar had managed to rise from 95 to 99 yen within an astonishingly short time. Haruhiko Kuroda, the new governor of the Bank of Japan has announced last Thursday to put $1.4 trillion into the economy in under two years with the result that the yen dropped over 6 percent against the euro and the dollar. At the same time the stocks in Japan rocketed.

The Nikkei stock average climbed on Monday by 3.1 percent to the highest since August 2008. Japanese stocks were bought particularly within the domestic sector, for example real estate. The buying of other higher yielding- debt has increased with the hope that Japanese investors will look around outside the domestic debt market - this resulted in a boost for Spanish and Italian bonds.

The 10 year bond yields in Spain dropped to 4.72 percent, Italian bonds to 4.31 percent. The Portuguese 10 year bond yield rose to 6.5 percent.

The European share markets experienced a general recovery after Friday's one-month low following unsatisfactory jobs data had been released.

A gentle recovery is also expected for the US stocks after a bad day last Friday.

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