Japanese Yen Soft After PPI Falls Unexpectedly

The Japanese yen was soft against all of its major peers today. While investors were still nervous ahead of the testimony of Federal Reserve Chairman Jerome Powell, giving them incentive to stick to safer currencies, domestic macroeconomic data was unfavorable to the yen.
The Bank of Japan reported that the Producer Price Index fell 0.1% in June from a year ago after rising 0.6% in May. That was a total surprise to analysts who were counting on a 0.4% increase. Month-on-month, the index dropped 0.5%.
USD/JPY edged up from 108.85 to 108.94 as of 11:33 GMT today. EUR/JPY rose from 122.00 to 122.18, touching the high of 122.32 intraday.

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