The performance of Japanese yen was fairly decent today even though inflation data released from Japan was rather poor.
Japan’s underlying inflation was down 0.3% in April, the same as in March. Tokyo’s core Consumer Price Index fell 0.5% in May, demonstrating a faster rate of decline than 0.4% forecast by analysts and the previous month’s 0.3%. The data suggests that that Japanese policy makers are failing in their goal to exit deflation and to spur inflation.
USD/JPY was down from 109.75 to 109.47 intraday before bouncing to trade at 109.89 as of 16:33 GMT today. EUR/JPY dropped from 122.83 to 122.34.
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