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Yen Gains Despite Disappointing Growth of Japan’s Economy

September 8, 2017 at 13:41 by Vladimir Vyun

Some yen notes and coinsThe Japanese yen gained on its major rivals (though not on the Great Britain pound) today despite mixed domestic economic indicators. The likely reason for the currency’s good performance was the market sentiment that favored safer currencies.

Growth of Japan’s gross domestic product in the second quarter of this year was finalized at 0.6%. It was slower than the median forecast of 0.7% and the preliminary estimate of 1.0% but faster than the 0.3% growth in the first quarter. Meanwhile, the current account surplus widened from ¥1.52 trillion in June to ¥2.03 trillion in July, above the forecast level of ¥1.65 trillion.

USD/JPY declined from 108.42 to 107.67 as of 13:36 GMT today, and its daily low of 107.31 was the lowest since November 14. GBP/JPY opened at 142.02, fell to the session low of 141.33, but has bounced to 142.13 as of now.

If you have any questions, comments or opinions regarding the Japanese Yen, feel free to post them using the commentary form below.

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