The yen held near Level 120

The Japanese yen fell against its main currency pairs in the global stock market rebound and crude oil. The stock market and crude oil are assets that are considered risky otherwise the Japanese Yen is one of the assets which are considered as safe or safe-haven assets. Appreciation of risky assets tend to weaken safe-haven assets.

Yen trade back to the top level of 120 per dollar after yesterday's durable goods orders data the US maintain its gains in July while helping improve the exchange rate of the US dollar in the same day despite a dovish Fed officials comment.

Comments Governor of the Bank of Japan (BoJ) today, which indicates the government's efforts to restrain the appreciation of the yen to support recovery of Japanese exports, helped keep the valuation above the level of 120 yen per dollar. BoJ is confident of meeting the inflation target of 2% to the current level of stimulus and ready to raise stimulus if necessary, especially amid the current financial market instability.