The Japanese Yen is little changed after not making any significant to reaction to two data releases that painted a mixed picture of the Japanese economy.
According to the Tokyo based Cabinet Office, the Japanese consumer confidence Index tumbled to a six-month low in July. The confidence index came in at 43.6, disappointing economists who had been expecting a rise to 45.0. The previous months figure was 44.3. Other data showed that income growth in the country fell to 41.0 in July, down from the 41.6 recorded in June, and the willingness to buy durable goods fell to 44.0 from 45.5.
In contrast to the disappointing data the Bank of Japan released its monthly economic report August. The report suggests that the Japanese economy is making a recovery and is set to improve moderately over the coming months. The report showed that an improvement in consumer sentiment is likely despite the data released earlier in the session. It also noted that exports have been picking up as the global economy shows signs of a recovery.
The Central Bank also revealed its predictions for Japans Gross Domestic Product. The BOJ predicts that GDP will grow by 2.9% in 2013 after the first quarter posted growth of 1%. The second quarter figures are due for release next Monday and are expected to show a 0.9% growth rate.
The Yen is likely to remain little changed over the weekend due to a lack of important data releases however it could soften as economists and traders continue to see improvement in the global economic recovery.
Current Japanese Yen (JPY) Exchange Rates:
The US Dollar/Japanese Yen Exchange Rate is currently in the region of: 96.6477
The Pound Sterling/Japanese Yen Exchange Rate is currently in the region of: 150.3283
The Euro/Japanese Yen Exchange Rate is currently in the region of: 129.3736
The New Zealand Dollar/Japanese Yen Exchange Rate is currently in the region of: 77.5480
The Australian Dollar/Japanese Yen Exchange Rate is currently in the region of: 88.5148
(Correct as of 11:20 am GMT)
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