Japanese yen is under sales pressure

The U.S. dollar may be in a more advantageous position due to recent concerns about the recovery of the world economy, which is not the Japanese yen. Analysts said Commerzbank, the reason may lie in the fact that the Japanese currency is under pressure from the general sales due to the increasing amount of negative currency transactions carry trade. Since the beginning of October 2-year swap spreads have increased to nearly 20 bp, while spreads between Australia and Japan over the same period increased by almost 50 bps Analysts said the bank, the increase in spreads would lead to the resumption of purchases denominated in foreign currency bonds by Japanese investors, thus, the pace of repatriation of capital, observed in recent years to slow down. Pair dollar / yen has established today a new one-month maximum at 91.58, the euro / yen reached a 2-month high at around 137.10. Now the dollar / yen is trading at 91.32, the euro / yen - at 136.76.