JPY Daily News

JPY's Negative Movement Attributed to Global Market Data

Yesterday the JPY saw bearish results against most of its major currency rivals. The JPY was predominantly influenced by the other major currencies' behavior, however, as only one indicator was published from the Japanese economy. It appears lately as if the JPY is being motivated by outside factors more than by the Japanese economy.

Japan's monetary base rose 1.4% in October from last year. Current account deposits at the central bank rose 7.1% after marking the first increase in more than two years in September. The Bank of Japan's (BoJ) injection of large amounts of dollar-funds into money market operations amid the global credit crisis are a primary cause of this increase. It will be interesting to see how the local Japanese data will interact with equity market movement for the rest of the week in relation to the JPY's recent behavior.

The Monetary Policy Meeting will release its minutes later today. This will be the sole news event on tap from the Japanese economy and will likely have little effect on the market. Forex traders invested in JPY related crosses should stay tuned to stock market movement today for an indication of today's behavior.

Current Time: 05/26 22:30 GMT

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#	Time	$€£¥	Event	Per.	Prev.	Fore.	Act.	Imp.
11/05
	04:30	JPY	BoJ Governor Shirakawa Speaks		*	*	*
	05:30	JPY	BoJ Governor Shirakawa Speaks		*	*	*
	23:50	JPY	Monetary Policy Meeting		*	*	*