Yen Gains on Dollar After Release of Japan’s Economic Reports

The Japanese yen traded higher against the US dollar following today’s economic releases from Japan even though the data was not particularly good, failing to reach analysts’ expectations.

The Tankan Manufacturing Index rose from 6 in the September quarter to 10 in the December quarter of 2016, matching forecasts. But the Non-Manufacturing Index was unchanged at 18 whereas experts had promised a small increase to 19. The Index of Industrial Production was unchanged in October from the previous month while the average forecast promised a rise by 0.1%.

USD/JPY ticked down from 0.8393 to 0.8382 as of 15:10 GMT today, retreating from the daily high of 0.8420. EUR/JPY traded at about its opening level of 122.39.

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