Yen Rises after 8.9-Magnitude Earthquake

Written by Administrator

Friday, 11 March 2011 23:42

The yen rose across the board against all 16 major currency trading partners following the strongest earthquake to hit the nation in a century. The 8.9-magnitude quake struck around 85 miles off the northern coast of Tokyo and created a 33-foot high tsunami leaving at least 32 people dead. Risk aversion was having less effect on the yen in recent days sending it to its lowest in two weeks against the dollar before the quake. But a significant jolt to investors' confidence and heavy repatriation sent the yen higher immediately after the earthquake.