Currencies Overview: The Japanese Yen is The Biggest Loser

The Japanese Yen recorded a substantial decline in trading today, Tuesday, and the major currencies were most affected by losses of about 1.59%, influenced by the Japanese prime minister’s statements earlier today. He stressed that his government prefers the weak Japanese yen.

During his remarks on Tuesday, Japan’s new Prime Minister, Fumio Kishida, confirmed that the government intends to strengthen tax incentives and that the new tax incentives may aim to encourage companies towards higher wages and the fact that the government prefers a lower Japanese yen.

The US dollar recorded losses of 1.10% compared to some other major currencies, as the US dollar was affected by negative developments in the US markets, led by the weak yield on US bonds, as the 10-year US bond yield fell by about 2% to 1.601%. The US 20-year bond yield also decreased by 1.79% and scored about 2.085 percent. Also, the US 30-year bond yield decreased by 1.73% and recorded about 2.136%, which hurt the movements of the US dollar.

The US dollar was affected today’s currency market by fears about the outbreak of a diplomatic crisis between the United States and Russia in the coming period.

The Swiss franc witnessed losses of 1.59%, with the improvement in risk appetite in the markets and the decrease in demand for the Swiss franc as a safe haven, as a result of the calming of fears about the Corona virus, and optimism about the continuation of the global economic recovery, which clearly weakened the demand for safe havens in the currency market, especially the franc. .