Japanese Yen continues losing streak following Q3 GDP data
The post Japanese Yen continues losing streak following Q3 GDP data appeared on BitcoinEthereumNews.com.
The Japanese Yen depreciates due to a slowdown in domestic economic activities. Japan’s annualized GDP growth for Q3 was 0.9%, slowing down from the 2.2% growth recorded in Q2. Japan’s Kato stated that he would take appropriate action to address excessive fluctuations in foreign exchange rates. The Japanese Yen (JPY) extends its losing streak against the US Dollar (USD) for the fifth consecutive session, following the release of Japan’s Q3 Gross Domestic Product (GDP) data on Friday. The upside potential of the USD/JPY pair is supported by the strength of the US Dollar (USD). Traders are also preparing for the release of the US October Retail Sales data, due later on Friday. Japan’s preliminary Gross Domestic Product (GDP) grew by 0.2% quarter-on-quarter in the third quarter, down from 0.5% in the previous quarter, matching market expectations. The country’s annualized GDP growth for Q3 was 0.9%, surpassing the market consensus of 0.7%, but showing a sharp slowdown from the 2.2% growth recorded in Q2. Japan’s Finance Minister, Katsunobu Kato, stated on Friday that he will take appropriate action against excessive fluctuations in foreign exchange (FX) rates. Kato emphasized the importance of stable FX movements that reflect economic fundamentals and expressed concern over one-sided, sharp shifts in the market. Meanwhile, Japan’s Economy Minister, Ryosei Akazawa, said that he expects a modest economic recovery to continue, fueled by improvements in employment and wages. However, Akazawa also emphasized the need to carefully monitor potential downside risks from global economies and volatility in financial and capital markets. Japanese Yen remains under pressure as the US Dollar hovers near yearly highs The US Dollar Index (DXY), which tracks the US Dollar’s performance against six major currencies, hovers around 107.06, marking its highest level since November 2023. On Thursday, Fed Chair Jerome Powell noted that the recent…
Filed under: News - @ November 15, 2024 5:20 am