On Monday, February 24th, USDJPY is growing after several slight declines for no good reasons.
Early in the final week of February, the Japanese Yen is retreating against the USD again. The current quote for the instrument is 111.61.
It’s a holiday in Japan today, that’s why there will be no numbers. However, the Yen is usually quite insensitive to the macroeconomic statistics and prefers to focus on market sentiment. Interesting reports will be published only on Friday: the Unemployment Rate, the Retail Sales, the Industrial Production, the Housing Starts, and the Tokyo Core CPI.
Recently, the Bank of Japan Governor said that the regulator was closely watching the coronavirus issue and its influence on financial markets behavior. While collecting and analyzing data, the BoJ is getting ready to act immediately in case it ill be necessary.
At the same time, the regulator believes that the country’s economy is going to start recovering in the nearest future. However, the strategy that may be implemented if the crisis continues is still unknown.
Earlier, the Yen significantly weakened against the USD influenced by investors’ concerns about the possibility of increased pressure on the Japanese economy due to the coronavirus outbreak. The country’s financial system is already rather weak and, based on the published statistics, has reached the lows of 2014.