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JPY Daily News
Unexpected Optimism in Japanese Tankan Survey Mutes JPY Losses
Asian stock markets were mixed this morning, with shares in Japan weighed by a report showing a weak outlook for the country's manufacturing sector. The Tokyo market was slightly up, with demand capped by dim local economic news. The yen, surprisingly, was also lower as investment seemed to away from the Asian economies and into higher yielding assets.
The JPY was down against its major counterparts this morning, with the USD/JPY up at 83.85, from yesterday's low of 82.83. The safe-haven Swiss franc made the more significant gains against the yen with a 7-day streak of bullishness pushing the pair from 84.06 last Tuesday to a current price of 87.04.
The unexpected positive movement in the Tankan survey this morning did, however, help boost the yen against some of its European rivals, such as the EUR and GBP. Traders should expect those Tankan figures to play out in today's trading, with a likely positive retracement in the JPY.
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