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JPY Daily News
Yen Plummets as Economy Improves
The Yen plummeted yesterday against its major currency pairs as the current economic recession in the world's second largest economy seems to be bottoming out. The JPY slid over 60 pips Yen to 97.54 Yen per Dollar as the Yen's demise was compounded by strong U.S. consumer confidence figures. Thus the most safe-haven currency as of late plummeted as a result of both improvements in Japan and America's economy. The JPY also slid against the EUR, dropping a massive 210 pips to finish the day's trading at 129.90. The Pound also made inroads into the JPY as the confidence of the U.S. equity markets swept Europe, and reduced demand for the safe-haven JPY.
As the Japanese equity markets reopened yesterday after a bank holiday, shares soared as the global economy showed signs of bottoming out. This is following good U.S. Consumer Confidence figures from Tuesday, European Consumer Confidence figures from yesterday, and positive Japanese data releases on Wednesday. The bearish JPY yesterday was compounded by impressive factory production figures, showing their first increase in 6 months. All these factors helped pour investors away from the Yen and into the riskier equity market. Today, the Household Spending and Unemployment Rate figures are likely to help determine the JPY's strength in late trading. The USD/JPY could break the 98.00 resistance level by the end of today's trading.
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Print| # | Time | $€£¥ | Event | Per. | Prev. | Fore. | Act. | Imp. |
|---|---|---|---|---|---|---|---|---|
| 04/30 | ||||||||
| 01:00 | JPY |  Monetary Policy Statement | * | * | * |  | ||
| 01:00 | JPY | Overnight Call Rate | 0.10% | 0.10% | 0.10% | | ||
| 01:00 | JPY | BoJ Press Conference | * | * | * |  | ||
| 06:00 | JPY | Housing Starts | y/y | -24.9% | -22.5% | -20.7% |  | |
| 07:00 | JPY | BoJ Outlook Report | * | * | * |  | ||
