The Japanese yen takes the top spot this week, likely thanks to a combination of risk-off sentiment and net better-than-expected Japanese economic updates.
Overlay of Inverted JPY Pairs: 1-Hour Forex Chart
JPY Weekly Performance from MarketMilk
Japanese Headlines and Economic data
Monday:
- Japanese Industrial production (revised) for November 2019: -1.0% m/m
Tuesday:
- A broad pop higher in the Japanese yen against the majors during the early Asia session, likely on news of the Chinese Coronavirus spreading.
- BOJ kept monetary policy unchanged as expected
- Bank of Japan upgraded growth forecasts on easing trade war risks
- BOJ maintained inflation estimates, keeping forecast below 2% until 2022
- BOJ Quarterly Report: Risks skewed to the downside
Thursday:
- Japanese all industries activity index up by 0.9% vs. 0.4% forecast
- Another uniform rally higher in the Japanese yen against the majors on Thursday, once again on rising fears the Coronavirus spreading on news of the rising number of infections/deaths.
Friday:
- Japan’s December consumer inflation ticks up, but still short of BOJ’s 2% target
- Slowing contraction in Japan factory activity eases fears of recession
- Minutes: gloomy economic outlook overshadowed BOJ’s December meeting
- BOJ’s Kuroda says Japan economy likely contracted fourth quarter last year on typhoons
- The Japanese yen makes one last push higher into the weekend after the CDC confirms second US case of coronavirus sparks further global risk-off sentiment.
