Japanese Yen Trades Higher After Tankan Survey

The Japanese yen gained today following the release of the Tankan survey. The currency has trimmed gains against some of its rivals by now, but maintained the upward momentum against others.

The Business Condition for larger manufacturers rose from 22 in the September quarter of 2017 to 25 in the December quarter, above the median forecast of 24. What is more, that level was the highest in 11 years. Meanwhile, the non-manufacturing index for large enterprises missed expectations, staying at 23, whereas analysts had promised a small increase to 24.

USD/JPY was down from 112.37 to 112.04 intraday before trading at 112.30 as of 14:47 GMT today. GBP/JPY dropped from 150.89 to 149.66.

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