The Japanese yen pared its earlier losses against other majors, including the US dollar and the Great Britain pound, today. Economic data released over the Friday’s session from Japan was good but did little to help the currency.
Japan’s industrial production rose 1.1 percent in September on a seasonally adjusted basis according to the revised estimate, which was a bit above the preliminary figure of 1.0 percent. Yet the report had little effect on the yen. A likelier reason for the currency’s bounce was the outlook for monetary tightening in the United States that was diminishing risk appetite on the market, thus benefiting the yen in its role of a safe haven.
USD/JPY was at 122.54 as of 11:46 GMT today after opening at 122.58 and rising to 122.79. GBP/JPY opened at 186.64 and rose to 186.96 before backing off to 186.51.
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