17 Mar '11, 3pm

Low 'twilight zone' liquidity sees yen to record high: by Travis Teo SINGAPORE - In what analysts refer to as th...

SINGAPORE - In what analysts refer to as the "twilight zone" - a period of relative inactivity between the end of US business day and the start of trading action in Asia Pacific - the Japanese yen surged on Thursday to a new record, with one US dollar buying only 76.25 yen at one point. "Something quite dramatic happened," said Mr Gareth Berry, a currency strategist at UBS. "Investors typically leave a lot of orders with banks to execute transactions automatically when a particularly significant level is crossed, and that's what happened." The jaw-dropping move in the currency occurred in the twilight zone because "around that time, the market is very thin and illiquid and even a small number of trades - a small number of small trades even - can sometimes move the price quite a lot." By late Thursday, the Japanese currency had eased to about 78.50 to the US dollar. Japan's...

Full article: http://www.todayonline.com/Business/EDC110317-0001437/Low...

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