EUR/JPY: Euro Buoyed by Positive Signs of Euro Zone Recovery

The Euro is deemed to outclass the Japanese yen today as signs continue to emerge that worst of the Euro Zone crisis has passed. A business survey suggested that the economy is recovery while the European Central Bank’s balance sheet shrank to the smallest in almost a year after banks started to repay emergency loans. In contrast, Bank of Japan Governor Masaaki Shirakawa’s move to leave office earlier than expected is seen to weigh further on the Yen.

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