The Japanese yen rallied against its other major peers today, including the US dollar and the euro, after the positive economic data from Japan and optimistic remarks from the central bank’s head.
Haruhiko Kuroda, Bank of Japan Governor, voiced confidence in Japan’s economic recovery today, saying that “Japan’s economy is expected to continue recovering moderately as a trend.” Meanwhile, the Producer Price Index rose 0.7 percent in March from a year ago while economists predicted the same rate of growth as in the previous month — 0.4 percent. The positive news allowed the yen to rally against other most-traded currencies, especially commodity-related ones that have been hurt by the reports from China.
USD/JPY ticked down from 120.32 to 120.14 as of 14:37 GMT today after rising to the high of 120.83 earlier. EUR/JPY slipped from 127.38 to 127.11, and its daily low of 126.64 was the weakest rate since June 2013.
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