Japanese Yen Down as DJIA Bounces From 8,500.The Japanese yen “Yen” redirects here. For the other use, see Yen (disambiguation).
“JPY” redirects here. For the Australian singer with the same moniker, see John Paul Young. fell against the majors as FX carry trades bounced following their recent declines. Some of the JPY JPY
In currencies, this is the abbreviation for the Japanese Yen.
The currency market, also known as the Foreign Exchange market, is the largest financial market in the world, with a daily average volume of over US $1 trillion. crosses have been moving in lockstep lock·step
1. A way of marching in which the marchers follow each other as closely as possible.
2. A standardized procedure that is closely, often mindlessly followed.
Noun 1. with US equities, as both the DJIA DJIA
See Dow Jones Industrial Averager (DJIA). and EURJPY gained at the start of the US trading session and spent most of the day consolidating the move. As we mentioned yesterday, though, risk appetite still remains on edge and has not been helped by yesterday's downgrades of the credit ratings of 18 US banks by S&P, especially as five of them were pushed into junk territory. S&P cited the notion that "[o]perating conditions for the industry will become less favorable than they were in the past, characterized by greater volatility in financial markets during credit cycles and tighter regulatory supervision." On the other hand, 10 banks returned $68 billion worth of TARP funds today, including JPMorgan Chase JPMorgan Chase (NYSE: JPM TYO: 8634 ) is one of the oldest financial services firms in the world. The company, headquartered in New York City, is one of the leaders in investment banking, financial services, asset and wealth management and private equity. With assets of $1. and Goldman Sachs, indicating that not all is equal in the banking sector at this juncture. Ultimately, it's undoubtedly positive that some of the nation's biggest banks are returning taxpayer funds, but according to a press release published by the FDIC FDIC
See: Federal Deposit Insurance Corporation
See Federal Deposit Insurance Corporation (FDIC). on May 27, their "Problem List" of troubled banks grew during the first quarter "from 252 to 305 institutions, and total assets of problem institutions increased from $159 billion to $220 billion." As a result, it's important to keep the situation in perspective, as there are still significant downside risks to the health of the financial sector and the economy at large.
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