Yen Strengthens Against Major Currencies, Thursday, June 07, 2007 2:52:43 PM

The Japanese yen experienced strength against each of its major counterparts Thursday in New York. The yen advanced to a two-week high against the pound amid the announcement that the Bank of England left interest rates unchanged. The Japanese currency also reached a two-week high versus the euro. Meanwhile, the yen rebounded from morning losses to post gains against the dollar. There was no major economic news from Japan on Thursdays, but investors awaited Friday`s release of the May Eco-watchers survey.

The yen edged higher against the dollar Thursday in New York. The yen fell during early morning trading before leveling off through mid-morning. The yen lost more ground during the late morning before rebounding to the plus side in the early afternoon. At 2:45 pm ET, the Japanese currency fetched a mark of 121.06, just off its intraday high of 120.92 set at 1:40 pm. This is compared to an intraday low of 121.55 at 9:40 am. Greenback investors looked ahead to Friday`s announcement of the American trade balance.

The yen climbed to a two-week high against the euro Thursday in New York. The Japanese currency fell in the early morning, reaching a mark of 163.93 at 2:15 am ET. The yen gained for most of the morning and into the early afternoon, however. At 2:35 pm, the Japanese currency fetched a mark of 162.56, just off a two-week high of 162.33 that was reached at 1:40 pm.

Versus the sterling, the yen climbed to its highest point in over two weeks Thursday in New York. The yen began to advance during the early morning and early afternoon before leveling off just before 1 pm. At 2:20 pm ET, the Japanese currency traded at a mark of 239.23, just off an intraday high of 238.91 at 12:50 pm. This is compared to an intraday low of 242.09 at 3:10 am. The gains came amid the Bank of England`s decision to leave interest rates unchanged.

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