The Yen is weakening at intervals. Overview for 04.10.2022
The Japanese Yen is slowly weakening against the USD. The current quote for the instrument is 144.77.
Local interventions from the Bank of Japan calmed the Yen down and helped it reach balance for some time, but the effect didn’t last long, just as expected. The market is back to its previous movements – the devaluation of the Japanese currency continues.
The statistics published yesterday showed that the Tankan Manufacturing Index dropped to 8 points in the third quarter after being 9 points the quarter before. The expected reading was quite optimistic, 11 points. The Tankan Non-Manufacturing Index improved to 14 points after being 13 points in the second quarter, although it wasn’t expected to change.
The final Manufacturing PMI reading showed 50.8 points in September after being 51.0 points earlier. No changes were expected.
In fact, all this data reflects all emerging trends – decline in production and some stability in the service industry.
Another report published in the morning, the Tokyo Core CPI, showed 2.8% y/y in September after being 2.6% y/y the month before, the same as expected. This report is considered a leading indicator in anticipation of the national inflation data.
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