JPY Daily News

JPY Moves Bearish after GDP Shrinks 0.9%

The Japanese yen (JPY) began trading in a bearish direction against most of its currency rivals yesterday after the Bank of Japan (BOJ) released data which showed the Japanese economy contracting by 0.9% so far this quarter. After a week of ups and downs, the Japanese yen now appears to be in a weaker position and is taking a beating by traders in today's early hours. The dominant stance of risk aversion overarching this week and last had many traders moving towards the yen until yesterday. The dominant stance now appears to be a flight to other safe-havens like the Swiss franc and, in many instances, the Scandinavian kroner.

As of this morning, the USD/JPY has moved up over 50 pips from 80.00 to 80.53. Japan's tertiary activity was published yesterday morning and also revealed a severe downturn of approximately 6.0%. This morning's GDP figure was another bearish marker on the currency and so far traders are moving away from their JPY investments as a result. As with the rest of this week, market news released out of the US today will likely be the driving force behind JPY values, though, and traders will definitely want to consider what effect today's GDP data will have on the island economy.

Current Time: 05/27 03:15 GMT

Add events to google calendar Mark all Unmark all Print

#	Time	$€£¥	Event	Per.	Prev.	Fore.	Act.	Imp.
05/19
	05:30	JPY	Revised Industrial Production	m/m	-15.3%	-15.1%	-15.5%