Yen Declines as Chinese Economy Grows

9:04 AM // 0 comments // Nak Pya Yam // Category: Japanese Yen
The Japanese yen erased gains versus the US dollar and fell against the euro today after the Chinese economy grew more than expected in the second quarter of this year.



The National Bureau of Statistics reported that China’s gross domestic product grew 9.5 percent in the second quarter of 2011, compared to the median forecast of 9.3 percent. The MSCI Asia Pacific Index of equities gained 0.9 percent. The Standard & Poor’s 500 Index added 0.7 percent.

USD/JPY traded near its opening level of 79.32 today as of 10:46 GMT after falling to the intraday low of 78.47. EUR/JPY climbed from 110.74 to 111.64.

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