Yen Stable Despite Data from Japan
The performance of Japanese yen was fairly decent today even though inflation data released from Japan was rather poor.
Japan’s underlying inflation was down 0.3% in April, the same as in March. Tokyo’s core Consumer Price Index fell 0.5% in May, demonstrating a faster rate of decline than 0.4% forecast by analysts and the previous month’s 0.3%. The data suggests that that Japanese policy makers are failing in their goal to exit deflation and to spur inflation.
USD/JPY was down from 109.75 to 109.47 intraday before bouncing to trade at 109.89 as of 16:33 GMT today. EUR/JPY dropped from 122.83 to 122.34.
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http://www.earnforex.com/news/2016/05/27/yen-stable-despite-data-from-japan/
