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Flash: JPY benefiting from flight to quality on Syrian concerns – BTMU

FXstreet.com (Barcelona) – Lee Hardman, FX analyst at the Bank of Tokyo Mitsubishi UFJ notes that JPY is benefitting from the general flight to quality bid in financial markets driven by heightened investor uncertainty in the near-term prompted by the increasing likelihood of international military intervention in Syria.

Key Quotes

“The yen has strengthened early this week with AUD/JPY and NZD/JPY both declining sharply by around 2.6% and 1.8% respectively since late last week.”

“The yen is supported in more risk-averse trading conditions by Japan’s more modest current account surplus which totaled around 1.0% of GDP in the twelve months to June.” …read more