The Yen Is SURGING

Matthew Boesler
June 14, 2013

usdjpy
usdjpy

FINVIZ.com

Japanese yen surges against the U.S. dollar in Friday trading.

U.S. stocks peaked this morning around 10 minutes after the release of worse-than-expected consumer confidence numbers from the University of Michigan survey.

Since then, the S&P 500 has fallen to levels around 1628 from 1641, and is now down 0.5% on the day.

Meanwhile, the dollar-yen exchange rate just took a vicious break through ¥95 to the downside as the yen strengthens, unwinding the world's hottest currency trade. Right now, it's trading just off its lows near ¥94.15.

The strengthening of the yen is adding to a sense of "risk-off" this morning and putting further pressure on stocks.

The yield on the 10-year Treasury note is 4 basis points lower to 2.11%.



More From Business Insider