Yen Drops Against Other Most-Traded Currencies

The Japanese yen slumped against basically all most-traded currencies today. At the present time, it is hard to say whether it is because of the poor macroeconomic data or the political scandal.

The Producer Price Index rose 2.5% in February from a year ago, matching expectations but slowing from the previous month’s 2.7% growth. The Indices of Tertiary Industry Activity fell 0.6% in January from December, missing the average forecast of a 0.2% drop. Meanwhile, Japanese Prime Minister Shinzo Abe was in the middle of a scandal caused by allegations of corruption.

USD/JPY was up from 106.44 to 107.29 intraday before backing off to 106.80 as of 12:44 GMT today. EUR/JPY was up from 131.28 to 132.13.

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