USD/JPY Rises on US Bailout Plans

After one of the most tumultuous weeks in financial history, the dollar gained against the yen (but declined versus the other key currencies) and US stocks rose following moves by the Federal Reserve, the Securities and Exchange Commission and the Treasury Department to stabilize the financial markets and shore up confidence in the financial system. The Dow Industrials closed with a gain of 368.75 points. The yen fell against its rivals and recorded the biggest losses against the high-yielding currencies as risk appetite increased. Worries about the US financial markets, while alleviated somewhat, and a volatile currency trading will continue next week.



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