The Japanese yen maintained its weakness today even after data showed that inflation accelerated, reducing incentive for the Bank of Japan to increase monetary accommodation.
Japan’s core Consumer Price Index rose 0.9 percent in October after increasing 0.7 percent in the prior month. Tokyo core CPI went up 0.6 percent this month following the 0.3 percent increase in October. The data suggested that inflation moves closer to the central bank’s target of 2 percent.
Not all reports were good. Among less positive indicators was the unemployment rate that stayed at 4.0 percent last month instead of falling to 3.9 percent as predicted by analysts.
USD/JPY rose from 102.30 to 102.41 as of 17:18 GMT today. EUR/JPY edged up from 139.16 to 139.34 and GBP/JPY was higher from 167.18 to 167.60.
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