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JPY Daily News
Yen Boosted by Risk Adverse Trades
Yesterday the USD/JPY saw heavy volatility on the heels of the Obama administration favoring an orderly bankruptcy of the American auto manufactures and large losses in equity markets. The pair ended at 98.15 from 97.75. The EUR/JPY also experienced heavy volatility yesterday, reaching as low as 126.40 to close at 130.05 from an opening price of 129.76. This was the strongest the Yen has been against the EUR in the past 11 days.
In early morning hours of the Japanese trading session, the Yen began to slip after Japanese unemployment numbers came in worse than expected. Some economists believe that unemployment rates may not yet have peaked. As the number of Japanese exports continues to decline, manufacturers will eventually cut back on costs in the form of further workforce reductions. Traders will be watching for the release of the Tankan Manufacturing Index later today. It is a key gauge of market sentiment in the Japanese economy. The release of poor results for this indicator could send the Yen lower against the other majors.
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Print| # | Time | $€£¥ | Event | Per. | Prev. | Fore. | Act. | Imp. |
|---|---|---|---|---|---|---|---|---|
| 03/31 | ||||||||
| 02:30 | JPY |  Average Cash Earnings | y/y | -2.7% | -1.4% | -2.7% |  | |
| 06:00 | JPY | Housing Starts | y/y | -18.7% | -17.6% | -24.9% |  | |
| 00:50 | JPY | Tankan Manufacturing Index | -24 | -55 | -58 |  | ||
| 00:50 | JPY | Tankan Non-Manufacturing Index | -9 | -26 | -31 | | ||
