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Weak Japanese economic updates and easing fears on the geopolitical front had traders hitting the sell button on the yen to head back into risk-on assets, enough to place the yen as the worst performer of the week!
Japanese Headlines and Economic data
Monday:
- Japan Q2 corporate capital spending rises, but profits tumble
- Deterioration in Japanese manufacturing conditions among the strongest in over three years
Tuesday:
- Abe to reshuffle Cabinet and LDP executives Sept. 11, with Motegi tipped for foreign minister
- Rising risk aversion sentiment supported the yen during the Tuesday session on rising trade worries, Brexit drama and a weakening U.S. manufacturing sector.
Wednesday:
- Dissenting voice on Bank of Japan board calls for pre-emptive monetary easing
- Hong Kong tensions ease, China signals stimulus – the reduction of geopolitical and economic fears from Asia seems to have been the catalysts for a major turn in global risk sentiment, pushing sellers into the Japanese yen.
Thursday:
- The Conference Board Leading Economic Index for Japan declined 0.2 percent in July 2019 to 92.8
- China and US agree to meet in October for trade negotiations – this headline was the catalyst for further risk-on sentiment and yen weakness as it broke the rising tensions between the two major economies that grew over the past few week with the rise in tariffs.
Friday: