The Japanese Yen lost ground against most of the major currencies, as the Japanese Economic Policy minister said that the country’s business outlook looks grim, due to rising oil prices.
In addition, she commented on the uncertain outlook for the second half of the year, as the Japanese economy remains heavily reliant on the US economy. Investors look forward to Merchandize Trade Balance, Small Business Confidence and Corporate Service Prices this evening, in order to gain a better understanding of the business sector’s health. Japan is also expected to follow China in accepting higher iron ore prices, which would add pressure to inflation and growth