Japanese Yen Falls as Macroeconomic Data Disappoints

The Japanese yen was flat versus the US dollar and lower against other major currencies today after the release of disappointing macroeconomic reports in Japan.
The Bank of Japan Tankan manufacturing index dropped from 26 in the December quarter to 24 in the March quarter. The non-manufacturing index declined from 25 to 23. Both values were below the economists’ expectations.
Private data echoed the negativity of the official report, with the Nikkei Japan Manufacturing PMI falling from 54.1 in February to 53.1 in March according to the final estimate. The reading was close to market expectations and the preliminary estimate of 53.2.
USD/JPY was near its opening level of 106.27 as of 12:24 GMT today. EUR/JPY rallied from 130.85 to 131.24. GBP/JPY gained from 148.96 to 149.62.

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