The USD/JPY pair changed its direction yesterday; so far, this short-term trend continues.
The Japanese Yen has been retreating against the USD for the second consecutive day. The current quote for the instrument is 112.59.
This morning, Japan published several important reports. The Core Inflation Rate increased up to 0.8% y/y in November, the same as expected, after being 0.7% y/y the month before. The Tokyo Core CPI, as a separate indicator, remained the same as before, at 0.6% y/y.
The Unemployment Rate in Japan didn’t change in October and remained at 2.8%, just like in the previous month. The current labor market readings are the best since 1993. There are signs that the market conditions may improve due to the increase of the ratio between open/available vacancies and the number of candidates for a position.
The Household Spending didn’t change in October, although it was expected to decrease by 0.2% y/y.
The Final Nikkei Manufacturing PMI was worse in November than the preliminary numbers. The indicator was 53.6 points against the previous estimation of 53.8 points. Still, the reading confirms a positive tendency, because it is above the psychologically-crucial level of 50 points. The components of the report show that the main contribution was made by new orders, which were the highest over the last 44 months. New orders, in their turn, are increasing due to the express demand.
RoboForex Analytical Department