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The yen falls with soft industrial output, USD/JPY eyes 129
Weak industrial data for Japan, hawkish comments from the Fed’s Waller and increased appetite for risk has seen the yen weaken in today’s Asian session.
Can global indices shake off last week’s losses on Biden-Putin Summit?
US equity index futures rallied on Monday following reports that Joe Biden and Vladimir Putin agreed ‘in principle’ to hold a summit.
Omicron, Apple, Tapering - What next for the Nikkei?
The reappointment of Fed Chair Powell two weeks ago was meant to be about keeping the status quo. A move that removed uncertainty, to allow risk assets to carry on their rally into year-end.
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[Video] USD/JPY: GDP worse than expected
Japan's final readings of first quarter annualized GDP was published at -2.2% on quarter, below the expectations.
[Video] USD/JPY: Jobless rate is edging up
Japan Jobless rate edged up to 2.6% in April (vs 2.7% expected) from 2.5% in March.
USD/JPY Testing Key Resistance at 108.10 Following Another $1T+ Japanese Stimulus Package
During today’s Asian session, Japan’s Prime Minister Shinzo Abe and his cabinet approved another ¥117T (USD $1.1T) stimulus package...
Japan: Trillions of yens
The Japanese government is said to finalize a fresh Y100 trillion coronavirus relief package.
Japan: Better machinery orders than expected
Japan's core machinery orders slid only 0.4% on month in March. Balance of Trade will be released tomorrow.
BoJ may take additional easing measures
Bank of Japan Governor Kuroda declared he will not hesitate to take additional easing measures if necessary.
Short Term Outlook of Nikkei Index: Trading Within The Rising Wedge
The Nikkei Index opened lower and fell around 2% on Friday, following the drop of the U.S. market last night.....
[Video] USD/JPY: Fall in industrial production
Japan's industrial production fell 3.7% on month in March.
[Video] BOJ Tries to Spend its Way Out of an Economic Hole
The Bank of Japan remains focused on fighting coronavirus, following in the footsteps of the Federal Reserve and European Central Bank...
Falling Japanese Sales
Japan is suffering from social distancing measures as Japanese Nationwide Department Sales fell 33.4%
End of Japanese Financial year - TOPIX updated
In mid-February, after the release of a very weak Japanese Q4 GDP data print, we wrote that in days gone by, it would have triggered a sharp response in Japanese asset markets. However apart from modest falls in Japanese stock indices, USD/JPY and JGB’s remained eerily becalmed as expectations increased the Japanese government would unleash another round of fiscal stimulus aimed at avoiding two consecutive quarters of negative growth, and the Japanese economy entering recession.
What mattered last week and a preview of the week ahead
What mattered last week: An extreme week of volatility as U.S. equity market fell ~15% as the spread of Covid-19 continued. The impact of Covid-19 via border shutdowns, social distancing measures as well as the obvious impact on health impact presents a huge challenge and likely to result in a recession in several countries. Central banks and governments responded by slashing interest rates, resuming/starting Quantitative Easing (QE) programs and boosting/announcing fiscal stimulus packages.
For What It’s Worth, BOJ is Ready to Go Next Week
Although the BOJ is ready to provide more stimulus, it’s not likely to have an affect on yen.
CAD/JPY: “Ground Zero” for Coronavirus and the Oil War
The value of the entire Canadian economy has fallen by more than 10% against Japan’s in a little over two weeks
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Japan Economic Data will be Watched by “Everyone”
If the data is poor again, we may see more Japanese official buying.
Worries of Coronavirus Plague World Markets
With new Coronavirus cases in Italy, fears are spreading that the virus may move further into Europe.
Where does the Bid End for USD/JPY?
USD/JPY is up over 200 pips since Tuesday, crossing above 112.00 during European hours.
JPY on the Move
Look for confirmation in other correlated asset classes to determine if the move is “real”.
USD/JPY Unaffected by Terrible GDP
The GDP data out of Japan earlier during Asian hours was nothing short of awful.
Japanese GDP threat to Topix index
A quiet start to the week in the Asian time zone with traders seeming content to sit on their hands ahead of Presidents Day holiday in the U.S. and Family Day holiday in Canada tonight. Content also to mostly look through GDP data in Japan that showed the Japanese economy shrank by an annualised 6.3% in the fourth quarter of 2019. Due to the impact of a sales tax hike in October and a devastating typhoon, the expectation was for a contraction, however, todays fall was much steeper than expected. When taking into account the threat to activity data from coronavirus in the current quarter, mainly via tourism and exports, the Japanese economy is in danger or recording two consecutive quarters of negative growth. Thereby meeting the technical definition of a recession for the first time since 2015.