The Japanese yen rallied today, reaching the highest level since November against the US dollar. The currency got boost from both domestic fundamentals and the cautious general market sentiment.
Japan’s seasonally adjusted trade surplus climbed from ¥0.20 trillion in January to ¥0.68 trillion in February, exceeding analysts’ forecasts. The seasonally adjusted index for all industries activity rose 0.1% in January, in line with expectations. The Bank of Japan released minutes of its January policy meeting, which said that “there was still a long way to go to achieve the price stability target of 2 percent.”
USD/JPY declined from 111.77 to 111.31 as of 9:08 GMT today, trading near the lowest level since November 23. EUR/JPY dropped from 120.79 to 119.97.
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