Global risk-sentiment rose late in the week to drive away the early week demand for safe haven currencies like the yen.

Japanese Headlines and Economic data
Monday:
- Japan’s current account surplus jumped 25% in February on lower oil prices
- Japan’s consumer confidence index in March 2019 was 40.5, down 1.0 points from the previous month
- Global risk sentiment was in aversion mode to start the week, likely on U.S.-Europe trade tensions and news of Libya civil conflict growing.
Tuesday:
Wednesday:
- Japan Overall Bank Lending Climbs 2.4% On Year In March
- Japan producer price index rose 0.3% last month
- Japan’s February machinery orders rebound but investment outlook fragile
Thursday:
No direct Japanese catalysts for the pressure on yen on this session. Likely argument can be made to the rise in global risk-on sentiment, possibly on news of the EU granting a Brexit extension until October 31st, and/or the better-than-expected Chinese data (improving CPI & PPI inflation reads) and U.S. data (US weekly jobless claims drop to the lowest level since 1969 & US producer prices post the biggest increase in 5 months)
Friday:
- BOJ Kuroda keeps upbeat view on global growth, signals policy status quo
- Risk-on sentiment took off on Friday after very positive Chinese economic data. First, China’s March trade surplus soars past expectations, then China’s new yuan loans and M2 money supply expanded in March