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Japanese Yen Weakens on Lower Manufacturing PMI, Politics

October 24, 2017 at 10:24 by Vladimir Vyun

Watermark on the Japanese yen billThe Japanese yen weakened today following the report that showed slowdown of Japan’s manufacturing sector, though analysts argued that markets had little interest in economic data from Japan, continuing to pay more attention to Japan’s politics.

The Nikkei Flash Japan Manufacturing Purchasing Managers’ Index dropped from 52.9 in September to 52.5 in October instead of rising to 53.1 as analysts had predicted. Still, a reading above 50.0 indicates expansion of the sector, and indeed the report said that the data “signals solid growth.” But that brought no relief to the yen, which continued to feel the impact of the landslide victory of Prime Minister Shinzo Abe’s party in a snap general election.

USD/JPY advanced from 113.42 to 113.66 as of 10:23 GMT today. EUR/JPY rose from 133.26 to 133.68.

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