Japanese Yen Weak Despite Housing Data

The Japanese yen was soft today against its most-traded rivals, with the exception of the safe haven currencies, even as macroeconomic data released during the current trading session in Japan was better than expected.

According to the official data, the number of housing starts in Japan fell by 0.4% in November from a year ago. That was a far better reading than a drop by 2.5% predicted by analysts and the 4.8% slump registered in October. But the report failed to provide support to the yen as traders did not feel need for safe currencies during quiet holiday trading.

USD/JPY traded at about 113.20 as of 13:52 GMT today, basically at its opening level. Meanwhile, EUR/JPY rallied from 134.26 to 134.70.

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