USD/JPY snaps two-day downtrend to regain 115.00 as Japan diplomat discusses weak yen By anilpanchal7 USDJPY RiskAppetite YieldCurve Macroeconomics Currencies
Japan’s Vice FinMin Kanada said weak yen has merits and demerits for economy.Market sentiment stays sluggish with steady US Treasury yields and downbeat stock futures, US ISM Manufacturing PMI eyed.The risk barometer pair’s recent recovery could be linked to the firmer US Treasury yields and downbeat equities, not to forget mixed comments from Japan’s Vice Finance Minister Masato Kanda. In doing so, the quote pair’s a little heed to upbeat Japan employment data for December.
That said, Japan’s Unemployment Rate dropped to 2.7% versus 2.8% forecast and prior readouts whereas the Job/Applicants Ratio rose past 1.15 previous readings to 1.16 during the stated month. Elsewhere, Japan’s key currency diplomat Kanada said, “The boost a weak yen gives to Japan's export volumes has declined compared with the past, as manufacturers target shipments to high-end, state-of-the-art products overseas rather than compete with price cuts,” per Reuters. The diplomat adds, “The demerits of a weak yen is that it pushes up the import cost of energy and food, thereby increasing household burdens.
It should be noted that the population in Tokyo is estimated to have registered the first fall in 26 years due to the pandemic, which in turn escalates pressure on the government even if PM Fumio Kishida rejected the calls for another virus-led state of emergency.policymakers refrained to openly support the expectations of a 50 basis points of a rate hike in March, which in turn triggered the US dollar pullback the previous day.
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