The Yen has been rising recently to the highest level in more than two months against the dollar. However this stopped today, as North Korea conducted its first nuclear test in 3 years and launched three short-ranged missles.
Geoffrey Yu, strategist in London at UBS AG(the world's second largest currency trader), said that the yen underperformed as investors sold the currency as a knee-jerk reaction to North Korea's nuclear test, and that the government has begun to express unease about the yen's strength.
This is a typical example of how not only financial news, but also political news can affect the currency market.
Currently the Yen trades at 94.78
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