Three reports out of Japan this morning have given cause for traders to heighten interest in the Japanese yen. The first two were the 12:50 GMT publications by the Bank of Japan (BOJ) regarding its annualized bank lending level and M2 money stock reports. While bank lending posted a decline of 0.7%, it was better than the previous month’s decline of 0.9% and thus reflects a positive movement with a bearish twist.
The M2 money stock report revealed a basic growth of 2.7%, perfectly in line with expectations. The third report was a significant growth to 0.55T yen in Japan’s Current Account, as published by Japan’s Finance Ministry at 12:52 GMT. These three figures together have given yen traders a reason to feel confident in their investments’ strength. The yen may gain from this news but traders should bear in mind that a movement towards a Euro-centric view is beginning to overshadow such fundamental data reports.
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Greg Holden is the Chief Market Analyst at ForexYard. Greg uses his detailed knowledge of fundamental and technical analysis to provide some of the leading market forecasts in the forex world today. A guest lecturer at forex symposiums and Chief Editor of ForexYard's analysis center, Greg brings highly detailed and easy-to-use market analyses to his clientele. He has been published on ForexYard's Trading Blog and affiliate websites. Greg holds degrees in Political Science and Economics from Missouri State University, as well as a Masters degree in Middle Eastern History.
