The Japanese yen in pair with the US dollar has paused. The current quotation is 104.10.
There is no need for safe-haven assets now – investors are full of hopes for a bright future with global vaccination and look at risks calmly.
The statistics issued today in Japan has shown that household spending in October somewhat regained balance. The indicator grew by 1.9% y/y against forecasts of 2.7% - weakness is obvious. However, in September, the indicator dropped by 10.2% y/y at once, so, every positive bounce here is good.
Average earnings in October shrank by 0.8% y/y after a decrease by 1.3% y/y in September.
The banking sector shows itself well: the volume of crediting in November grew by 6.3% y/y against 6.1% y/y in October. This means that the real sector is activating.
The final GDP values in the third quarter demonstrate growth by 5.3%, which is much better than forecast and prelim values of 5%. There are hopes – connected to active spending of the population – for further recovery in the fourth quarter.