Japanese Yen Gains as Risk Appetite Wanes, Domestic Data Supports

The Japanese yen gained today as risk appetite of investors was waning, making them more interested in buying safer currencies, like the yen. Domestic macroeconomic data was also supportive for the Japanese currency.
Japan’s Cabinet Office reported that core machinery orders rose by 5.2% in April from the previous month after rising 3.8% in March. That is instead of falling 0.8% as analysts had predicted.
The Bank of Japan reported that the Corporate Goods Price Index rose 0.7% in May, year-on-year. While the increase matched market expectations, it was slower than the gain by 1.3% registered in April.
USD/JPY declined from 108.52 to 108.36 as of 10:31 GMT today, reaching the low of 108.21 intraday. EUR/JPY fell from 122.89 to 122.69.

If you have any questions, comments, or opinions regarding the Japanese Yen, feel free to post them using the commentary form below.

Leave a Reply

Your email address will not be published. Required fields are marked *