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Trade tensions between the U.S. & China brought on a round of risk aversion to the global markets this week, supporting the Japanese yen in the process despite net positive news and data from Japan.
Japanese Headlines and Economic data
Monday:
- After a slow start for the bulls, the Japanese yen popped higher during the U.S. trading session after reports of a pessimistic mood from Beijing on U.S.-China trade negotiations brought global risk sentiment down into negative territory.
Tuesday:
- BOJ can still deepen negative rates, within limits: Kuroda
- BOJ conducting research on digital currency: Kuroda
- Trump threatens higher tariffs if China doesn’t make a trade deal, lifting safe haven assets like the Japanese yen during the U.S. trading session.
Wednesday:
- Safe haven assets (including the yen against the majors) reached their peak for the weak after reports that the Phase One U.S.-China trade deal may not be completed this year
Thursday:
- Japan’s ruling bloc calls for $92 billion fiscal package to support growth
- Indices of all industry activity in Japan improves from 0.0% to 1.5% in September
- BoJ’s stock-buying programme starts to sputter
- Global risk sentiment turned towards the positive to push the yen lower on the session, likely on a combination of China’s top negotiator sounded ‘cautiously optimistic’ about reaching trade deal and China inviting U.S. trade negotiators for new round of talks.
Friday: