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Japanese news and headlines were non-factors for the yen this week as the U.S.-China trade story dominated this week, pushing risk sentiment in favor of the Japanese yen.
Japanese Headlines and Economic data
Monday:
- Trump’s Tariff Threat Leaves Beijing Stalling on Next Talks – global financial markets jumped into risk aversion mode after news of Trump’s tariff threat to China, prompting a buy back into safe haven assets like the Japanese yen. This was largely the market’s focus for the week and likely the argument for the yen’s sustained support throughout.
Tuesday:
- Japan PMI rises to three-month high as declines in output and demand ease – no observable reaction in JPY pairs, but the improving manufacturing sentiment could have possibly contributed to the yen’s rally early in the week.
Wednesday:
Thursday:
- The Consumer Confidence Index (seasonally adjusted series) in April 2019 was 40.4, down 0.1 points from the previous month
- BOJ will swiftly ease if momentum for hitting price goal lost: Kuroda
- BOJ chief rejects idea of Japan as ‘Modern Monetary Theory’ model
Friday:
- Trump’s 25% China tariffs begin as trade talks between two nations continue – this event and the various news updates leading up to the start of the tariffs were likely the reason for a pick up in volatility for Japanese yen pairs as traders moved back and forth between positive and negative risk sentiment.
- Japan household spending rises but wages fall in March
- Trump says trade talks with China will continue, tariffs may or may not stay – this story during the U.S. trading session is likely the catalyst for the global risk sentiment reversal and the pullback in Japanese yen pairs ahead of the week’s close.