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Yen Up On Risk Aversion After Weak Japan GDP

Discussion in 'Forex Daily News & Outlook' started by honeyks, Aug 17, 2010.

  1. honeyks

    honeyks New Member

    Feb 26, 2010
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    TOKYO (Dow Jones)--The yen rose against the dollar in Asia Monday as heightened risk aversion pushed up demand for the safe-haven currency after weaker than expected Japanese gross domestic product data.

    Weak economic data are usually positive for the yen as they tend to push down Tokyo shares and cause investors to shun riskier assets, dealers said.

    The country's real GDP expanded 0.4% in annualized terms during the second quarter, much lower than the 2.3% growth expected by economists, the Cabinet Office said earlier in the day. The Nikkei Stock Average, Japan's benchmark share index, briefly fell below 9,100 following the data release.

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