Dollar Up Against Yen

The yen lost value against the US dollar during trading in Asian markets today (October 28th).

With the Nikkei up by 2.2 per cent to erase some of the 2.8 per cent losses it sustained last Friday, the yen was in a weaker position.

According to a report by the Wall Street Journal, analysts have predicted November is going to be a tough month for the greenback.

Toshihiko Sakai, a senior manager of foreign exchange at Mitsubishi UFJ Trust and Banking, said: "As we can't expect much in terms of new trading factors, I think the market will be in an adjustment phase in November at least."

Mr Sakai added that he believes the US dollar could fall as low as Y95 over the next four weeks, while Osamu Takashima, head of G10 FX strategy for Japan at Citigroup, thinks it will trade between Y94 and Y99.

The dollar dropped near a two-year low compared to the euro on Friday, indicating a difficult period could be in the offing for the greenback.

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