The Japanese yen was little changed today despite the sharp drop of industrial production that put the Bank of Japan under pressure to add even more stimulus for Japan’s struggling economy.
Industrial production was down as much as 6.2% (seasonally adjusted) in February from the previous month, more than even pessimistic forecasts had predicted. It was the biggest drop since 2011 when Japan was hit by an earthquake. Yet despite the abysmal data, the yen was firm against other most-traded currencies and even continued to rise against the US dollar.
USD/JPY fell from 112.69 to 122.33 as of 11:41 GMT today. GBP/JPY traded at 161.83 after opening at 162.08.
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