Japan’s Q4 Manufacturing Index (USD/JPY)
The Japanese BSI Q4 Manufacturing readings came in worse quarter over quarter, however the market has had no reaction ahead of the Christmas holiday as the markets are lacking participants. The readings were as follows:
BSI Large All Industry (QoQ) - Actual:-1.9% Prior:0.3%
BSI Large Manufacturing (QoQ) - Actual:13.2% Prior:15.5%
The USD/JPY pair has been grinding higher since the lows made in late November below the 85 handle, not seen since the summer of 1995. The move has been orderly and could have some correlation with the calendar year-end and some profit taking. Another catalyst has been speculation over the last few months of the BOJ’s intervention when the pair was at the lows, although the rhetoric from the BOJ has not corroborated that speculation.
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