The Japanese Yen continued its decline against the US Dollar and other currency’s but signs are coming to the fore that the Yen’s rapid decline could be due a slowdown. Commodity based currencies and the Euro have all slowed their levels of strengthening against the Yen in recent days giving investors cause to believe the USD/JPY will follow suit.
Wednesday saw the release of the latest consumer confidence data for Japan. The confidence index rose by 1.4 points to a seasonally adjusted level of 44.5 in April, marking a fourth-straight rise.
Japan has recently changed the method used to record the data.
More people turned optimistic about income growth and overall economic well-being in the coming six months and they believed that it was a good time to buy durable goods ahead of a sales tax hike planned in April next year.
The questionnaire is now mailed to the surveyed households, instead of being delivered in person. The index for March was 43.1 under the new method, compared with 44.8 under the previous formula. There is little change in the number of respondents, a Cabinet Office official said.
The government maintained its assessment after upgrading it last month, saying, “Consumer confidence shows moves toward improvement.”
Current Japanese Yen (JPY) Exchange Rates
The US Dollar/Japanese Yen Exchange Rate is currently in the region of: 102.4051
The Pound Sterling/Japanese Yen Exchange Rate is currently in the region of: 156.0061
The Euro/Japanese Yen Exchange Rate is currently in the region of: 132.1843
The New Zealand Dollar/Japanese Yen Exchange Rate is currently in the region of: 83.9107
The Australian Dollar/Japanese Yen Exchange Rate is currently in the region of: 101.1434
(Correct as of 09:30am GMT)
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