JPY has found a foothold. Overview for 11.09.2023
The Japanese yen, in the pair with the US dollar, took a pause in devaluation. The current USDJPY exchange rate stands at 146.45.
The pressure from the US dollar has decreased temporarily, allowing the JPY to stabilise.
Friday's statistics from Japan were disappointing. Average wages in August only increased by 1.3% y/y compared to the expected 2.3%. While this news is positive as a signal against inflation, it conveys a less optimistic picture when it comes to the employment sector.
Japan's final GDP in Q2 2023 increased by 1.2% q/q against the forecast value of 1.4% and the preceding estimate of 1.5%. The relative weakness of the Japanese economy is due to the decrease in export parameters.
In August, the Japanese Economy Watchers Survey index dropped to 53.6 points from the previous 54.4 points. The forecast had indicated that the index would remain unchanged.
This week, no significant statistics are expected from Japan.
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