The Japanese yen is lower against all major currencies today. The yen is currently the weakest against the British pound and the Australian dollar. Risk sentiment is rebounding following US Treasury Secretary Mnuchin's comments over the weekend. Mnuchin has described dialog with Chinese trade officials as "very productive" and remains "cautiously optimistic" for a broader deal on trade with China. As we described in our US dollar daily update, safe havens such as the Japanese yen are selling off as a result. Last week, the yen strengthened as fears of a global trade war resulted in traders taking refuge in the yen. Riskier assets such as global equity markets (including the S&P 500) are also higher today. Our short-term and medium-term outlook on the yen remains bullish.
USD/JPY is currently trading above 105.0. EUR/JPY is currently up and trading above 130.40.
Turning to Japanese economic data, this is a relatively light week. On Thursday, we'll see retail sales figures for February and cross-border stock and bond investments. On Friday, we'll see the consumer price index for Tokyo, industrial production and the unemployment rate. Last week, national CPI met expectations.