FX: Yen falls against major rivals as Greece fears abate
Forex Pros - The yen fell against other major currencies on Wednesday, as fears over Greece's debt crisis abated amid speculation that the country would not need a bailout.
The yen fell against the euro and pound, with EUR/JPY rising 0.56% to hit 124.83 and GBP/JPY surging 0.81% to hit 143.05. It also fell against the dollar and Swiss Franc, with USD/JPY soaring 0.83% to 90.89 and CHF/JPY rising 0.54% to hit 84.56.
In addition, the Japanese currency dropped against its Kiwi, Australian and Canadian counterparts: NZD/JPY surged 0.84% to hit 63.75, AUD/JPY shot up 0.94% to hit 81.32% and CAD/JPY jumped 0.89% to 86.43.
On Tuesday, the Greek finance minister, George Papaconstantinou, said after a meeting of finance ministers in Brussels that "there's no actual need for a bailout" by the European Union, according to Bloomberg News.
Meanwhile, an index measuring the activity of tertiary industries in Japan declined by a seasonally adjusted 0.9% in December compared to the previous month, official figures showed earlier Wednesday. Economists had expected the index only to drop by 0.2%.
