Daily Digest Market Movers: Japanese Yen draws some support from the upbeat domestic data and intervention fears
- According to a report published by Japan's Statistics Bureau this Tuesday, the unemployment rate dipped from 2.5% previous to 2.4% in September and the job-to-applicant ratio rose to 1.24.
- The data reflects strong demand for labor and supports prospects of rising wages, which might lead to a higher inflation outlook and should allow the Bank of Japan to hike interest rates again.
- Japan's Finance Minister Katsunobu Kato said that he is closely watching FX moves, including those driven by speculators, with a higher sense of vigilance, reviving intervention fears.
- Japan's Prime Minister Shigeru Ishiba is reportedly seeking a coalition with the Democratic Party for the People (DPP) after failing to retain a majority in the lower house election over the weekend.
- DPP leader Yuichiro Tamaki said that the BoJ should avoid big policy change now with real wages still at a standstill and wants policymakers to scrutinize whether real wages turn positive stably in guiding fiscal, monetary policy.
- The US Treasury bond yields retreat further from a multi-month top and keep the US Dollar bulls on the defensive below the highest level since July 30, exerting pressure on the USD/JPY pair.
Disclaimer: The content above represents only the views of the author or guest. It does not represent any views or positions of FOLLOWME and does not mean that FOLLOWME agrees with its statement or description, nor does it constitute any investment advice. For all actions taken by visitors based on information provided by the FOLLOWME community, the community does not assume any form of liability unless otherwise expressly promised in writing.
FOLLOWME Trading Community Website: https://www.followme.com
If you like, reward to support.
Hot
No comment on record. Start new comment.