20 Nov 2013
Yen continues to climb on pension reform delays
FXstreet.com (London) - The yen continues to rally this morning after a Japanese official said that reforms of the government pension fund that had weighed on the yen could take years to implement.
In a presentation in Tokyo today, Takatoshi Ito, chairman of the advisory group to the JPY121 trillion-yen Japanese Government Pension Investment Fund, said that proposed changes could take months or years to complete.
The prospect of pension reform had weighed on the yen thank to proposals to diversify investments out of domestic, yen-denominated bonds and into overseas investments.
USD/JPY has dropped 0.28 percent so far today to JPY99.8950.
EUR/JPY had declined by 0.34 percent to JPY135.1355 after hitting four year highs at JPY135.32 earlier this week.
In a presentation in Tokyo today, Takatoshi Ito, chairman of the advisory group to the JPY121 trillion-yen Japanese Government Pension Investment Fund, said that proposed changes could take months or years to complete.
The prospect of pension reform had weighed on the yen thank to proposals to diversify investments out of domestic, yen-denominated bonds and into overseas investments.
USD/JPY has dropped 0.28 percent so far today to JPY99.8950.
EUR/JPY had declined by 0.34 percent to JPY135.1355 after hitting four year highs at JPY135.32 earlier this week.