JPY is retreating. Overview for 07.02.2023

The Japanese yen against the US Dollar started declining. The current quote is 132.13.

Morning reports demonstrated that household spending in Japan in December has dropped by 1.3% y/y, while a month before it had dropped by 1.2%. Meanwhile, the forecasts were quite optimistic, suggesting a decline by 0.3% y/y. These statistics are leading and give base for expecting a decline in inflation.

Meanwhile, signals from the employment market turned out positive. Average wages in December grew by 4.8% y/y upon expanding by 1.9% y/y. The forecast had suggested growth by 2.5%.

The leading indicators index in December dropped to 97.2% from 97.4%.

The JPY is now affected by the strength of the dollar.

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Source: RoboForex


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