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JPY Daily News
Yen Continues to Make Gains on the US Dollar
The USD/JPY pair dropped well below the 84.00 level yesterday, marking a fresh low for the pair since the Bank of Japan (BoJ) intervened to devalue the yen earlier this month. While the main catalyst for the drop was yesterday's disappointing US consumer confidence report, the dollar has been falling consistently against the yen over the past few weeks. Further gains by the yen are likely to fuel investor concerns that the BoJ will step in once again to drive the Japanese currency down. Japan's economy is largely export based, meaning a weak yen is in the country's best interests.
Barring any major moves from the BoJ today, the yen will likely continue to make gains on the dollar, especially if the rumors of a Fed stimulus package persist. At the same time, the JPY took substantial losses against the euro and Swiss franc yesterday. Should investor risk taking continue to dominate market sentiment, the yen will likely remain low against its riskier counterparts.
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Print| # | Time | $€£¥ | Event | Per. | Prev. | Fore. | Act. | Imp. |
|---|---|---|---|---|---|---|---|---|
| 09/29 | ||||||||
| 00:15 | JPY |  Manufacturing PMI | 50.1 | * | 49.5 |  | ||
| 00:50 | JPY | Prelim Industrial Production | m/m | -0.2% | 1.2% | -0.3% |  | |
| 00:50 | JPY | Retail Sales | y/y | 3.8% | 4.6% | 4.3% | | |
