The Yen is rising. Overview for 31.08.2021

USDJPY is falling within a mid-term sideways range. 

The Japanese Yen is responding to a local demand against the USD. The current quote for the instrument is 109.95.

The statistics published in the morning showed that the Unemployment Rate in Japan dropped to 2.8% in July, the same as expected, after being 2.9% in the previous month. This decline may be a leading indicator of a more significant economic growth. 

According to the preliminary data, the Industrial Production in Japan lost 1.5% m/m in July after adding 6.5% m/m the month before. At the same time, the indicator was expected to drop 2.4% m/m, so the actual reading turned out to be better. 

The country’s industries are probably still trying to adjust to both domestic and overseas demand with allowance for coronavirus-related risks and restrictions. 

The Consumer Confidence in Japan in August was 36.7 points against 37.5 points in July. The reason for this is the new delta strain in Asia in late summer. 

As a result, the Japanese statistics were rather mixed. It shows a positive momentum at home but the situation outside it is rather cloudy.