JPY plunged into devaluation again. Overview for 23.05.2023

The Japanese yen, paired with the US dollar, continues to decline. The current USDJPY quote is 138.37.

The strong US dollar, which is in demand as a safe haven asset, is having a remarkable influence on the Japanese yen.

Fresh Japanese statistics have attracted attention. The PMI report turned out positive: the services sector is reviving thanks to the rebound of the tourist flow into the country. Activity is also increasing in the manufacturing sector.

Both reports are favourable for Japan’s economy, which is still lagging behind its global counterparts in terms of recovery. Providers of services report noticeable demand and a record increase in business activity. Service-oriented businesses rebounded noticeably after Japan lifted restrictions on the entry of foreign tourists to the country.

Earlier, Japan presented its first-quarter GDP report, which also turned out favourable. It is clear that the Japanese economy has gained momentum. This could eventually be a good signal for the JPY.

Article By RoboForex.com