Japanese Yen Strong Despite Mixed Tankan Survey

The Japanese yen was rather strong today despite a mixed Tankan survey. The currency fell against the US dollar, though, which was also very strong on Monday.

The Tankan Manufacturing Index fell from 24 in the March quarter to 21 in the June quarter, below the average forecast of 22. At the same time, the Tankan Non-Manufacturing Index rose from 23 to 24, whereas experts had predicted no change.

Meanwhile, trade wars continued to harm the market sentiment as the focus of the US criticism of unfair trade shifted from China to the European Union.

USD/JPY rose from 110.60 to 110.74 as of 11:12 GMT today, though retreated from the daily high of 111.06. EUR/JPY dropped from 129.26 to 128.87.

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