With Greek uncertainties persist this week JPY should remain in favour with investors. Such influences will likely dominate economic releases seeing USD/JPY test 121.0 support.
In terms of data, on the production side recent Japanese evidence has pointed towards a tentative improvement. This week’s Leading Index should confirm as much with annual growth pushing back into positive territory.
Moving ahead of production figures, this positive push would indicate the likelihood of a renewed industrial expansion during Q4.
Contrasting against such news, however, June bank lending growth is likely to slow further as already warned by the contraction in foreign bank loans. This slowing in local bank lending may be a source of some policy making in light of ongoing BoJ stimulus.
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