Japanese Yen Firm Despite Economic Data

The Japanese yen was firm today even though economic reports released from Japan on Monday were not particularly supportive, especially core machinery orders.

The Producer Price Index rose 1.0% in February from a year ago after increasing 0.5% in January. It was in line with expectations, though economists claimed that the rate of growth remains unimpressive. But the really nasty surprise came from core machinery orders, which dropped 3.2% in January from the previous month, whereas analysts predicted no change.

USD/JPY edged a bit lower from 114.77 to 114.62 as of 8:49 GMT today. EUR/JPY dropped from 122.64 to 122.40.

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