Intra-Day Market Moving News and Views
29 Jun 2016 01:10GMT
USD/JPY - Today, Japanese Prime Minister Shinzo Abe at the start of a meeting between the government and the Bank of Japan to discuss market developments in the wake of the Brexit vote had urged the central bank to provide ample funds to the market to ensure liquidity and the market's intermediary functioning.
Abe also wanted Finance Minister Taro Aso to pay utmost attention to currency and financial market moves. The government was ready to take all available policy steps to support Japan's economy and small firms in the wake of Britain's shock vote to leave the European Union.
Abe commented that it is important for G7 to continue to deliver messages on market stability, with uncertainty, risks remain in financial markets but Japan is ready to mobilise all available policy measures to support Japan economy.
While today data showed Japan's retail sales fell more than expected in May in a third straight month of annual declines, keeping policymakers under pressure for more stimulus to support a fragile economic recovery.
Retail sales also fell 1.9 percent in May from a year earlier, more than a median market forecast for a 1.6 percent declines, data from the Ministry of Economy, Trade and Industry showed.
The weak reading underscores the relative fragility in Japan's economy, with slow wage growth and gloomy prospects of recovery weighing on household spending.
The market turmoil in the wake of Britain's vote to leave the European Union adds to headaches for Japanese policymakers worried about the drag the yen's recent rises could have on exports.
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