$USDJPY - The US Holiday Weakens the Appetite of Investors
Overall the Japanese economy is doing well. Its stock market has become one of the best-performing in the world. Its major indices such as the Topix and Nikkei 225 jumped to the highest level in more than three decades as foreign investors piled on. Additional data shows that the Japanese economy is recovering. The latest figures showed that Japanese retail sales jumped 5.7% in May after rising 5.15% in the previous month.
More data showed that household confidence in the country improved to 36.2 from 36 previously. This is an important figure because consumer spending is an important component of the Japanese economy. There are signs that the Bank of Japan will begin to tighten in the near term. In a soon-to-be-announced statement, New Bank of Japan Governor Kazuo Ueda said the bank could begin to normalize policy in the near term if it becomes confident that inflation will pick up in 2024. Inflation remains below 2% but is on the rise.
The USD/JPY currency pair also jumped after signs that the Japanese government will intervene if the Japanese currency continues to decline. For his part, the Finance Minister said in a statement that the government is closely monitoring the currency. In another statement, Masanda Kato, the country's currency diplomat, said the government would not rule out interventions.
It started the year at 126 and has now risen to 145 resistance. Recently, the pair moved above the important resistance at 138, the high of March 7th.
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