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Yen Improves as Capital Spending Data Trounces Analysts' Expectations

Yen Improves as Capital Spending Data Trounces Analysts' Expectations

2012-03-01 00:46:00
Eric Andersen,

THE TAKEAWAY: Japanese Capital Spending Jumps to 7.6 percent from -9.8 percent > Increase Outperforms the Market’s Expectation > USDJPY currency pair drops

Yen_Improves_as_Capital_Spending_Data_Trounces_Analysts_Expectations_body_Picture_5.png, Yen Improves as Capital Spending Data Trounces Analysts' Expectations

Japanese fourth quarter capital spending rose 7.6 percent following a 9.8 percent decline the previous month, besting expectations of a 6.5 percent decline. The positive figure indicates a potential unexpected rebound in growth as corporations in Japan invest more in their businesses.

Analysts did not expect an increase in capital spending this month, and this reflects the series’ biggest increase since March 2007. As traders balanced their portfolios in response to the unforeseen change in capital expenditures, the USDJPY fell, hitting troughs as low as 81.130.

DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.