AUD/JPY drifts lower to near 100.50 amid verbal intervention fears
AUD/JPY weakens to around 100.50 in Friday’s Asian session.
China's economy expanded in the third quarter at the slowest pace since early last year.
The Japanese Yen edges higher amid FX intervention fears.
The AUD/JPY cross trades on a softer note near 100.50 during the Asian trading hours on Friday. The verbal intervention from Japanese authorities provides some support to the Japanese Yen (JPY) against the Australian Dollar (AUD).
China's economy expanded at a slower-than-expected rate of 4.6% YoY in the July-September quarter, compared to the previous reading of 4.7%, the National Bureau of Statistics showed Friday. The figure was slightly better than analysts expected. Meanwhile, the country’s Retail Sales increased by 3.2% YoY in September versus the 2.5% expected, and Industrial Production climbed 5.4% YoY in September from 4.5% in August, stronger than the 4.6% expected.
On Friday, the Chinese authorities stated that they will urge financial institutions to act swiftly in implementing expansive financial policies, and the officials will implement incremental policies following a meeting on October 16. Any further plans from China to boost economic growth could boost the Aussie as China is a major trading partner to Australia.
The verbal intervention from Japanese officials lifts the JPY for the time being. Atsushi Mimura, Japan’s Vice Finance Minister for International Affairs and top foreign exchange official, said on Friday that he will closely monitor the foreign exchange move with a high sense of urgency.
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