Japanese yen weakens, beaten by poor Industrial output 

um editor

UM Editor

May 31, 2024 at 2:08 pm

USDJPY has recorded substantial losses on yesterday, mainly due to possible foreign exchange market intervention by the Bank of Japan. Authorities have been tight-lipped with regards to the approach, but monthly data shows substantial amount of currency reserves spent from April 26 to May 29.  

Nonetheless, the pair rose slightly but remained close to recent high due to substantial weakness in terms of Japanese economic progression. Earlier today, preliminary reading shows substantial contraction in Japan’s Industrial Production, attributed to lower shipment in terms of transport equipment, business-oriented machinery, and electronics equipment.  

(USDJPY, 4-hourly chart, TradingView) 

For the time being, market participants will place their focus on PCE Price Index, Federal Reserve’s preferred inflation gauge. Previously, several Fed officials commented on the possibility of more rate hikes if inflation remained sticky.    

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