The Japanese yen was strong across the board today following the release of economic indicators from Japan.
Japan’s core machinery orders rose 4.9% in July (month-on-month) instead of falling as analysts had predicted. The Producer Price Index dropped 3.6% in August from the previous month — a bit more than was promised by experts (3.5%) but less than in July (3.9%). The Bank of Japan will conduct a policy meeting next week, and market participants are speculating whether the bank will add monetary stimulus to bolster the struggling economy.
USD/JPY dropped from 102.53 to 101.82 as of 13:01 GMT today. EUR/JPY edged down from 115.24 to 114.28.
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