Yen Reverses Gains Caused by Risk Aversion, Japan’s Macroeconomic Data Matches Expectations

The Japanese yen rose earlier today amid risk aversion caused by apparent lack of progress in the Sino-US trade talks. By now, though, the currency trimmed its gains, erasing them against some peers completely. Japan’s macroeconomic data released during the trading session was in line with expectations.
Japan’s Ministry of Economy, Trade and Industry reported that industrial production fell 0.1% in December from the previous month according to the final estimate. It was unchanged from the preliminary estimate and matched forecasts. The indicator dropped 1.0% in November. On an annual basis, production fell 1.9%.
USD/JPY traded at 110.41 as of 10:43 GMT today, close to the opening level of 110.46 and far from the day’s low of 110.25. EUR/JPY fell from 124.79 to 124.53 but bounced from the daily minimum of 124.25.

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