Macroeconomic data released in Japan over the trading session was solid, but that did not help the Japanese yen, which dropped against all other most-traded currencies. The most likely reason for the decline was the improving market sentiment.
The Producer Price Index rose 3.0% in August from the same month a year ago, the same as in July and missing the consensus forecast of 3.1% just slightly. Core machinery orders from the private sector increased 11.0% in July after falling 8.8% in June. The actual reading beat the average forecast of a 5.6% increase.
USD/JPY advanced from 111.24 to 111.84 as of 15:01 GMT today. EUR/JPY jumped from 129.36 to 130.57.
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Solid Macroeconomic Data Doesn’t Help Japanese Yen
