Japanese Yen Moves Sideways, Economic Data Gives No Direction

The Japanese yen traded sideways today as markets were lying in wait for US nonfarm payrolls. Domestic macroeconomic data was somewhat mixed, giving the Japanese currency no direction.
Japan’s Cabinet Office reported that the leading index rose to 97.4% in February from 96.5% in January, in line with expectations. The Statistics Bureau reported that household spending increased by 1.7% in February over a year versus the forecast of a 1.9% increase and the 2.0% gain registered in January. According to the Ministry of Health, Labour and Welfare, average cash earnings fell 0.8% in February from a year ago instead of rising 0.9% as analysts had predicted.
USD/JPY traded about flat at 111.68 as of 12:27 GMT today. EUR/JPY was at 125.38 after opening at 125.27.

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