The Japanese yen strengthened against the US dollar on the last day of the trading week. The yen was supported by the upbeat industrial production data in January.
The yen gained 0.44% against the US dollar, trading at 101.65 yen at the time of writing.
The nation’s currency eased 13% against the greenback since April 4 2013, when Japan’s central bank introduced the stimulus program of bond purchases to boost the monetary base to 279 trillion yen by the end of 2014 to achieve the inflation target of 2%.
Yen – Japan Industrial Production
Japan’s industrial output climbed higher than expected, rising 4.0% higher in January, compared to analysts forecast of a 3.1% rise in output, data from the Ministry of Economy, Trade and Industry (METI) confirmed.
Other Data’s released by the METI showed that retail sales for the previous month climbed by 1.4% month-on-month, rising above analysts forecast of a 1.3% rise.
The unemployment remained at a five-and-a-half year low of 3.7 in January.
Japan Consumer Prices
Consumer prices in Japan continued to climb in January, while household expenditure surpassed estimates. The core Consumer Price Index (CPI), climbed at a steady pace of 1.3% year-on-year in January.
Janet Yellen’s Testimony
The new Federal Reserve (Fed) Chair Janet Yellen delivered her testimony on monetary policy before the Senate Banking Committee as part of the Fed’s semi-annual policy report known as Humphrey Hawkins on Thursday. During the Q&A session Yellen said the US economy’s growth slowed down since her last testimony.
Yellen also said the string of data recently released, has been weal and were due to the extreme cold weather in the US.
The US Federal Reserve reduced its monthly bond purchases by $10 billion at each of its two meetings, leaving its monthly stimulus at $65 billion. The yellow metal surged 70% from December 2008 to June 2011 as the central bank added over $4 trillion into the financial system to boost growth.
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