Sat, May 27, 2023

Japan Yen Struggles to Hold on to its Gains | Wibest

The Yen Eases, Investors Remain Concerned

The Japan yen struggles to hold on to its ground in today’s sessions as other currencies gained altitude against it. Meanwhile, the yen’s futures rose this Friday’s trading despite inflation slowing down.

The USD JPY trading pair inches slightly down by 0.03% or 0.03 points in sessions. The pair currently trades for ¥108.62 a tad lower than its last close of ¥108.65.

The GBP to JPY exchange rate trades flat as it barely goes up by 0.02% or 0.03 points in today’s trading. The GBP JPY pair currently trades for ¥140.06 and has hit ranges from ¥139.35 to ¥140.39.

Meanwhile, the AUD to JPY pair went up by 0.26% or 0.19 points sessions and it currently trades for ¥72.32. The Australian dollar extended its gains against the Japan yen from ¥74.06 to ¥74.36.

And lastly, the NZD to JPY exchange rate climbed up by 0.36% or 0.24 in today’s trading. The pair now trades around ¥69.17 and has fluctuated from ¥68.91 to ¥69.29.

Despite those losses, the Japan Yen contract rallied up by 0.46% or 0.000042 points in today’s trading.

Slow Growth Raises Stimulus Chances

Wibest – Japan Yen: Japanese yen bills

The Japanese core consumer inflation data showed a slow down to nearly 2-and-a-half-year lows this September.

The slipping energy prices dragged Japan’s economy, a highly developed free-market economy.

Analysts believe that the trade war also caused the slowdown of the world’s third-largest economy. Not to mention that the country itself is in a trade dispute with another Asian economic giant, South Korea.

Such factors continue to raise fears for the Japan yen traders and the Central Bank of Japan.

The slowing consumer inflation growth raised chances about the central bank topping its already huge monetary stimulus.

In that case, traders must wait for the Central Bank of Japan’s review this month on October 30 and 31. There, the bank will review its quarterly growth and price forecast.



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