The Japanese yen declined against the US dollar and the euro today as economic data released from Japan over the current trading session was detrimental to the currency. The yen may yet bounce with the help of waning trader’s optimism.
Core machinery orders tumbled 14.4 percent in November from the previous month, almost two times the forecast drop. The Producer Price Index dropped 3.4 percent in December from a year ago compared to the average forecast of a 0.4 percent drop. Meanwhile, the market sentiment was turning sour, hurting risky assets and potentially increasing demand for the yen as a safe currency.
USD/JPY ticked up from 117.65 to 117.79 as of 10:55 GMT today. EUR/JPY advanced from 127.93 to 128.51.
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