Japanese Yen Soft Despite Positive Manufacturing Report

The Japanese yen fell against the US dollar today despite a positive report about Japan’s manufacturing released by Markit during the trading session. The yen was also soft against other currencies, though managed to regain ground versus the euro.

The Nikkei Flash Japan Manufacturing Purchasing Managers’ Index ticked up from 53.1 in March to 53.3 in April, matching the consensus forecast. Yet that did not prevent the Japanese currency from falling. One of the possible reasons for that were signs of warmer relationships between North and South Korea, which improved the market sentiment and made safer currencies less appealing to traders.

USD/JPY rose from 107.77 to 108.23 as of 9:50 GMT today, trading near the highest level since February 13. EUR/JPY was at about 132.36 after rising from the open of 132.26 to the high of 132.56 intraday.

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