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The Japanese yen spent a lot of the week mostly in the green against the other major currencies, likely on continued geopolitical concerns and a fresh round of weak global economic updates.

Japanese Headlines and Economic data
Monday:
- Japan’s Abe Falls Short of Supermajority in Election Win
- BOJ’s Kuroda says will mull impact of global uncertainty on economy
Tuesday:
- Japan finance minister Aso: Government gained public trust for tax hike with election win
- The Japanese yen began to pick up steam Tuesday and Wednesday, likely on global risk-off sentiment sparked by a combination or rising geopolitical concerns (Boris Johnson wins U.K. PM; no-deal Brexit odds rise) and weak global economic updates (Eurozone PMI shows manufacturing downturn deepens)
Wednesday:
- Jibun Bank Flash Japan Compositie PMI: output growth accelerates during July
- BOJ divided on need to ease next week, strengthen forward guidance
Thursday:
- Japan services PPI: 0.7% vs. 0.9% previous
- ECB signals a rate cut, more monetary easing ahead – this event was likely the catalyst for broad yen weakness in the morning U.S. session as more monetary policy easing from any of the major central banks usually means increased potential for economic growth…or at the very least, an increase in risk-on sentiment on that potential for economic growth.
Friday:
- Tokyo July core CPI rises 0.9% yr/yr
- The Japanese yen recovered from the Thursday drop, once again likely on geopolitical concerns driving traders into safe havens, this time possibly on reports of Iran test-firing a medium-range ballistic missile, adding fuel to the already tense situation between the U.S. and Iran