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Japanese yen daily update for 29th September 2017

BY DEB SHAW | 

After rebounding yesterday, the yen is back to selling off today. A large amount of economic data was released today. While inflation figures met expectations (0.7% core CPI), retail sales widely missed estimates (1.7% vs. 2.6% expected). As Japan's economy remains sluggish, the yen has sold off today accordingly. Yesterday, the yen gained as markets began to surface its initial doubts regarding Trump's ability to pass tax reforms. 

USD/JPY is currently trading above 112.60, having fallen down to 112.30 at the end of the day yesterday. The yen has weakened against the euro today, with EUR/JPY now above 132.870. 

There is no more economic data of any significance this week. Next week, investors will be focused on the Tankan surveys, consumer confidence and foreign reserve data. 

Updated 
Outlook
Bearish

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