Japanese Yen Stays Soft During Monday’s Trading

The Japanese yen remained soft against most major currencies on Monday, though it managed to pare losses versus the US dollar by now, but not before reaching the lowest level since February.

Economic data released from Japan today was a bit mixed, failing to provide reasons for the currency to change its bearish trend. Core machinery orders rose in October from the previous month, while the Index for Tertiary Industry Activity and the November’s Producer Price Index also rose month-on-month but fell on year-over-year basis. Now, traders wait for the results of the Tankan survey released on Wednesday, though they will likely be overshadowed by the Federal Reserve policy announcement released later that day.

USD/JPY traded at 115.45 as of 15:07 GMT today after opening at 115.39 and rallying to 116.04 intraday — the highest level since February 8. EUR/JPY advanced from 121.49 to 122.54.

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