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At the beginning of the last session of the week, Asian markets were higher. One of the reasons for this situation is the announcement of Chrysler bankruptcy last evening.

On Friday the Dollar hits its lowest level in the past three weeks, decreasing below Y97, as a result of multiple negative news reports from the American automakers, which made players instantly sell a lot of US dollar.

As the Wall Street Journal reported on Friday morning, that American auto company Chrysler LLC may file for bankruptcy as soon as next week, which will lead to a much deeper recession in the American economy, the dollar started losing its positions.

On Friday Yen hits its highest level against the US dollar in the past four weeks. Yen, which was one of the most purchased currencies in February and March, lost its popularity by mid-April.

Dollar has not been weaker against Yen since the 30th of March, since then it dropped by 0.9%. The main reason for these changes is the fact that China claimed rising of its gold reserves and the fact that China is able to diversify its reserves of foreign assets, though still staying with major world currencies.