Japanese Yen Appreciates against US Dollar as Economic Recovery in US becomes Uncertain

Today Japanese Yen appreciates against USD after the Federal Reserve announces in its policy meeting that the economic conditions are not much supportive for economic recovery. This has increased the demand for Japanese Yen as it seems to be safer.

The Japanese Yen gained to 89.62 per dollar from 89.84 per dollar.

In the month of May the household property sector recorded the lowest sells recorded yet.

Yen gained against almost all its major counterpart currencies but it appreciated most against New Zealand Dollar as most of the European markets fell. The announcement by the Federal Reserve is an indication that still the economic problems in United States are not over & the economic conditions are still not conducive for the investors. In US the home sells dropped down by almost 33 percent in the month of May 2010.