Yen Trades Lower After Manufacturing Index Hits 29-Month Low

The Japanese yen was soft today after the manufacturing index hit the lowest level in almost two-and-half years.
The headline Nikkei Japan Manufacturing Purchasing Managers’ Index was finalized at 50.3 in January, down from 52.6 in December. While it was a better reading that analysts’ forecasts and the preliminary figure of 50.0, it was still the lowest reading in 29 months.
Meanwhile, the unemployment rate edged down unexpectedly to 2.4% in December from 2.5% in November.
USD/JPY traded at 108.89 as of 10:55 GMT today, up a little from the opening level of 108.85. EUR/JPY rose from 124.62 to 124.84.

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