Japanese Yen Rallies Following Poor Domestic Data

The Japanese yen rallied against its most-traded peers today even as macroeconomic data released in the Asian nation over the trading session was rather poor.

The Japanese Ministry of Finance reported that the Business Survey Index for all industries fell from 6.2 in the December quarter of 2017 to 3.3 in the current quarter. The manufacturing index dropped from 9.7 to 2.9. While the data was bad, market analysts thought that it would have a limited impact as traders were more concerned with the general market sentiment, and influence of US tariffs on it in particular.

USD/JPY slid from 106.79 to 106.54 as of 10:18 GMT today. EUR/JPY dropped from 131.47 to 131.18.

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