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Japanese Industrial Production, PMI Data Hint More FX Intervention Ahead

Japanese Industrial Production, PMI Data Hint More FX Intervention Ahead

2010-09-30 02:38:00
Ilya Spivak, Sr. Currency Strategist
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Japan’s Nomura/JMMA Manufacturing PMI gauge dropped below the 50 “boom/bust” threshold to 49.5 in September, showing the sector shrank for the first in 15 months. Separately, Augusts’ preliminary Industrial Production figures showed output unexpectedly shrank for the third consecutive month, slipping -0.3 percent to mark the longest losing streak since the quarter ending February 2009. The outcomes reinforce softening cues noted in export and business confidence figures released earlier this week, prodding policymakers to step up efforts to drive down the still-buoyant Japanese Yen after intervening into currency markets for the first time since 2004 earlier this month and allegedly stepping in again last week.

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