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Yen bulls never stood a chance this week as the usual pandemic recovery themes drove traders away from the safe haven currency, despite arguably net positive economic updates from Japan.

Overlay of Inverted JPY Pairs: 1-Hour Forex Chart
Overlay of Inverted JPY Pairs: 1-Hour Forex Chart
JPY Weekly Performance from MarketMilk
JPY Weekly Performance from MarketMilk

Japanese Headlines and Economic data


Japan extends economic recovery as exports, capex shake off COVID hit

Japan GDP beats forecasts with 12.7% annualized rise for Q4

“The country’s real gross domestic product shrank 4.8% for the full 2020, according to the Cabinet Office — the first contraction since a 5.7% plunge seen in the global financial crisis days of 2009. But the 2020 result was significantly better than the International Monetary Fund’s prediction in October of a 5.3% drop.”

Nikkei finishes above 30,000 for first time since 1990

Japan Industrial production -1.0% m/m in December; -2.6% y/y

Inventories rise 1.1% m/m , Shipments down -1.1% m/m


Japanese tertiary industry activity dropped by 0.4% vs. projected 0.6% decline

BOJ’s Kuroda says no plan to ‘permanently reduce’ ETF buying

“It may be difficult for inflation to reach 2% in 2021, 2022 and even 2023,” Kuroda said. “It’s not as if our efforts have had no effect. But we need to do more, given the fact inflation hasn’t reached 2% despite eight years (of easing),” he said.


Japanese manufacturers’ mood improves slightly in Feb – Reuters Tankan

Japan’s exports, machine orders pick up as global demand recovers

“Ministry of Finance data showed on Wednesday exports rose 6.4% in January from a year earlier, roughly in line with a 6.6% increase seen by economists in a Reuters poll and following a 2.0% gain in December.”


BOJ’s Kuroda tell Suga March review aimed at sustaining easy policy


Japan’s Feb factory activity expands for the first time in 22 months-PMI

“The au Jibun Bank Flash Japan Manufacturing Purchasing Managers’ Index (PMI) improved to 50.6 from a final 49.8 in January.”

“The survey showed manufacturers’ new export orders grew at their fastest pace since early 2018, returning to expansion for the first time in four moths.”

Japan records new strain; Singapore’s virus-secure hotel eyes business travelers – “Japan has seen more than 90 cases of a new Covid-19 strain as it tries to overcome a third wave of the pandemic”

Japan’s core CPI down 0.6% in Jan., but pace of fall eases