Yen Slips After Tankan Survey, Tries to Regain Footing

The Japanese yen fell today after the release of Tankan survey by the Bank of Japan. The currency trimmed as losses by now, though remains below the opening level against most of its major peers.
According to the survey for September, the manufacturing index for large enterprises logged the reading of 6, unchanged from the previous month, while experts were counting on a small increase. The non-manufacturing index slipped from 19 to 18, in line with expectations. Overall, the report was not particularly good, leading to speculations that Japan’s economy is not going to improve anytime soon and the Bank of Japan will be required to implement additional stimulus.
USD/JPY was up from 101.21 to 101.66 intraday but backed off to 101.34 as of 10:41 GMT today. EUR/JPY was up from 113.63 to 113.88, touching the daily high of 114.13.

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