The Japanese yen ended Friday with losses even though macroeconomic data from Japan was very positive, making it less likely for the nation’s central bank to introduce additional monetary accommodation.
Japan’s core Consumer Price Index rose 1.2 percent in November from a year ago, slightly above the consensus forecast of 1.1 percent. The Tokyo core CPI was up 0.7 percent, increasing from October’s 0.6 percent. Retails sales climbed 4.0 percent in November, exceeding expectations of 2.9 percent growth and the previous month’s increase of 2.4 percent.
The positive data suggests that the Bank of Japan has less incentive to add to already significant monetary stimulus. For whatever reason, the yen did not profit from it and continued to fall to new multi-year lows.
USD/JPY was up from 104.78 to settle at 105.15. EUR/JPY climbed from 143.42 to 144.50, touching 145.67 intraday. GBP/JPY went from 171.92 up to 173.26.
If you have any questions, comments or opinions regarding the Japanese Yen,
feel free to post them using the commentary form below.
Be First to Comment