During morning trades on Thursday the yen continued loosing its positions against both the euro and the dollar, due to the governmental report regarding the decrease in Japanese industrial production by over 22% during the first quarter of 2009, comparing to the fourth quarter of 2008.
Therefore, the yen reached its two-week low against both the euro and the Swiss franc, and decreased to one-week low versus the pound of sterling, and hit 9 and 10 day lows against the Australian and Canadian dollar accordingly. Weakening of the Yen versus the American dollar was insignificant, due to even worth economic situation in the United States, according to Federal Reserve reports. It is very likely, that the yen will continue loosing its positions against the dollar throughout tomorrow, hitting the level of 97.77.
In terms of real numbers, by the end of morning trades, the yen was at the level of 130.27 against the Euro, 86.39 versus the Swiss franc (by the closing time on Wednesday in New York the yen rates were around 129.60 in EUR/JPY pair and 86.29 in the pair of CHF/JPY). The pound of sterling also improved its positions versus the yen. During deals in Asia on Thursday, the yen was traded at 144.96 against British currency. Against the American dollar it lost only about 0.20 points.