The Japanese yen was firm today even though economic reports released from Japan on Monday were not particularly supportive, especially core machinery orders.
The Producer Price Index rose 1.0% in February from a year ago after increasing 0.5% in January. It was in line with expectations, though economists claimed that the rate of growth remains unimpressive. But the really nasty surprise came from core machinery orders, which dropped 3.2% in January from the previous month, whereas analysts predicted no change.
USD/JPY edged a bit lower from 114.77 to 114.62 as of 8:49 GMT today. EUR/JPY dropped from 122.64 to 122.40.
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