On the back of strong economic data, the yen managed to recover some lost ground against its US counterpart, with the USDJPY pair trading back below 108.00 today. Tertiary Industry Index and Machine Tool Order figures both pointed to expansion; though the outlook for fading growth going forward seems to be little changed considering the path of consumer spending and trade activity.
Looking ahead, Store sales and Coincident Index figures provide low-level economic event risk for fundamental traders to work with. In addition, the BoJ minutes may give a reading on the policy group’s outlook for inflation and growth in the months ahead.