020 7898 0500Yesterday the Japanese yen hit highs not seen since October 2014. However, this is not as beneficial to the economy as it sounds. The growth was a result of investors seeking safe havens amid the continuing drop in global stocks and oil. The strength of the yen is making Japanese products less competitively priced, and it has been widely predicted that if the Japanese currency continues to strengthen, the Bank of Japan will have to intervene.
The Swedish Central Bank did intervene, increasing their negative interest rate. This initially had a negative impact on the Swedish krona which was relatively short lived as markets realised that other central banks would probably have to follow their lead.
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