Trading in yen was mixed, but mostly upbeat against other major currencies. Published data showed that the corporate goods price index in Japan rose in July, beating analysts’ forecast. USD/JPY was recorded to have bottomed at 101.10 but slightly recovered to end at 101.30. The Japanese yen started to strengthen against the U.S. dollar after Japan reported positive economic results.
Orders for machineries unexpectedly increased during the previous month by 8.3%, which was significantly above the expectations of economists. However, the decision of Bank of Japan to adopt new monetary stimulus continue to put pressure on the Japanese currency, thereby limiting its recovery.
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