Japanese Yen depreciate around 0.3% on Tuesday

The Japanese Yen depreciated around 0.3 percent yesterday on the back of upbeat market sentiments in the later part of the trade that led to fall in demand for the low yielding currency. The Yen touched an intra-day low of 102.62 and closed at 102.50 on Monday. 

We expect Japanese Yen to trade lower today on account of rise in risk appetite in market sentiments which will lead to fall in demand for the low yielding currency. However, less volatility will be observed as Japanese banks closed today on the observance of Showa Day.

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