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Japanese Yen Rises After Mixed Macroeconomic Reports

December 6, 2019 at 12:53 by Vladimir Vyun

Japanese yen symbolThe Japanese yen rose against the majority of most-traded currencies today, though failed to gain on the Australian and New Zealand dollars. One of the possible reasons for the rally were doubt about the chances of the United States and China reaching a trade deal before new US tariffs kick in on December 15. Japan’s macroeconomic data was mixed, giving the yen no additional support.

The Ministry of Health, Labor, and Welfare reported that average cash earnings rose 0.5% in October, year-on-year, the same as in September. It was a better reading than the analysts’ median forecast of a 0.2% increase.

The Statistics Bureau of Japan reported that Japanese households reduced their spending by 5.1% in October compared with the same month of the previous year after increasing it by 9.5% in September. Experts had predicted a smaller decrease of 3.1%.

According to the report from Japan’s Cabinet Office, the Leading Index slipped a bit from 91.9 in September to 91.8 in October. That is instead of climbing to 93.1 as analysts had predicted.

USD/JPY fell from 108.75 to 108.57 as of 12:52 GMT today. EUR/JPY declined from 120.75 to 120.45. At the same time, NZD/JPY went up from 71.13 to 71.31, trading near the highest level since August 1.

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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