Yen Drops as Economic Data Trails Expectations

The Japanese yen fell today even though the nation’s corporate services price index last month. The possible reason for the drop is that the growth of the index was not as big as analysts promised.
The Services Producer Price Index rose 3.4 percent in January from a year ago. While it was not a bad reading, it was still below the previous month’s increase by 3.5 percent and the median forecast of 3.6 percent. The yen demonstrated rather big drop during the current trading session, erasing yesterday’s gains versus the US dollar completely.
USD/JPY rose from 118.80 to 119.53 and EUR/JPY advanced from 134.66 to 135.42 as of 13:49 GMT today.

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