USD/JPY retakes 110.00 after Japan’s government maintains overall economic view
|The Japanese Cabinet Office announced Monday that it has left the monthly economic assessment unchanged for a third straight month although upped its assessment of business conditions.
Key takeaways
“Businesses still see many aspects remaining severe, but there are signs of picking up. The upward revision is the first since March 2021, while the assessment of other components was largely unchanged from June.”
“The government left its near-term outlook unchanged, with the economy expected to show further signs of picking up, supported by fiscal and monetary policies and the improvement in overseas economies.”
“Full attention should be given to the "movement of infections that would affect the domestic and foreign economy," adding that attention should be given to financial and capital markets movements.”
USD/JPY jumps back above 110.00
Despite rising covid cases in Japan and globally, the government kept its economic assessment unchanged in July, which failed to inspire the JPY bulls.
The uptick in USD/JPY could be mainly linked to a fresh leg higher in the US dollar across the board, as risk-aversion deepens in the European session.
At the press time, the US dollar index rises to daily highs of 92.79, up 0.10% on the day while USD/JPY was last seen changing hands at 110.03, recovering most losses.
USD/JPY technical levels to consider
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.