JPY retreating against USD (28.04.2017)

The season of blooming Japanese cherries is over, the Japanese yen is also shedding its petals. In the Asian session, the US dollar won favor with bulls. The dollar/yen pair is trading today at 111.26. Analysts expect the pair to close the week in the green. Meanwhile, the market is absorbing macroeconomic data from Japan which were slightly weaker than expected. Japan’s nationwide CPI rose 0.2% on year in March. Experts projected the same pace of growth of 0.3%. The core consumer price index retained the same pace of annual growth of 0.2% as in February. The March score missed the consensus of a 0.3% gain. The data on consumer prices proves that the Bank of Japan is on the right track in terms of monetary policy. According to flash estimates, Japan’s industrial production fell 2.1% in March on a monthly basis from a sharp climb of 3.2% in February. Japan’s consumer activity came as a pleasant surprise to investors. Retail sales surged 2.1% in March, a way above the consensus for a 1.5% rise. The March figure has been the strongest since May 2015. Nevertheless, yields of Japan’s 10-year government bonds are going up, thus putting pressure on Japan’s securities. This takes the shine off the Japanese yen. https://www.instaforex.com