Yen Moves Higher Against Other Major Currencies, Tuesday, July 31, 2007 6:28:06 PM

The Japanese yen saw strength against the other majors on Tuesday in New York. The yen moved higher in the afternoon against the dollar, euro and sterling. On Tuesday, Japan`s Ministry of Internal Affairs and Communication revealed that the seasonally adjusted unemployment rate eased 0.1 percentage point to 3.7% in June on a monthly basis. Traders look ahead to Japanese vehicle sales data for July, expected to be released Wednesday morning.

The yen was higher against the pound on Tuesday in New York. The Japanese currency rose in early trading but then declined for about six hours, starting at 2 a.m. ET. Trading was generally for the rest of the morning but the yen surged in the early afternoon. It got as high as 240.13 at 5:15 p.m. ET. It was at 240.33 about an hour later.

The yen moved up in afternoon trading with the euro on Tuesday in New York. The Japanese currency climbed early, but then edged lower through the morning and touched as low as 163.81 at 7:30 a.m. ET. The Japanese currency began to rise from there and returned to its overnight levels by late morning. The yen advanced higher through the afternoon and into the early evening. The pair traded at 161.86 at 12:20 p.m. ET. Japan`s Ministry of Internal Affairs and Communication revealed that the seasonally adjusted unemployment rate eased 0.1 percentage point to 3.7% in June on a monthly basis.

The yen advanced against the dollar on Tuesday in New York. The yen edged lower for several hours in the early morning, but saw some strength in the later morning. The currency gained sharply in mid-afternoon trading and then continued to edge higher into the afternoon. The currencies were at 118.36 at 6:20 p.m. ET. The pair has been range bound since late last week.

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