The Japanese yen weakened today as the slower than expected inflation in China and improving economy of Europe decreased demand for safer currencies.
China’s statistics bureau reported that the consumer prices advanced 4.9 percent in January from a year ago, compared with the growth by 4.6 percent in December. The median forecast promised an increase by 5.4 percent. The slowing inflation reduces the probability of further tightening measures by China’s government. The reports from Europe today are expected to show a growth of the gross domestic product and an improvement of the consumer sentiment.
USD/JPY advanced from 83.32 to 83.60 today as of 9:20 GMT after falling earlier to 83.18.
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