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Forex News: Yen Unmoved on Consumer Confidence Data, Eyes on BoJ

Forex News: Yen Unmoved on Consumer Confidence Data, Eyes on BoJ

Gary Kerdus,

THE TAKEAWAY: Confidence among Japanese consumers diminished slightly > Forex traders likely to focus on BoJ policy meeting > Yen little changed

The Japanese yen was little changed versus the U.S. dollar as confidence among Japanese consumers declined moderately in December. The consumer confidence figures crossed the wires at 39.2 in December, down slightly from the 39.4 reading in November. Optimism has been on the decline since May of 2012 when the reading was at 40.7.

Forex traders are likely to focus on the Bank of Japan policy meeting on January 22. Prime Minister Shinzo Abe has repeatedly stated that aggressive monetary easing policy should be implemented by the central bank to end deflation and weaken the currency.

Earlier in today’s trading session new motor vehicle sales in Australia increased by 17.9 percent in December on a yearly change basis, up from 9.7 percent gains in November. In China, foreign direct invest decreased by 4.5 percent led by the Euro Zone which reduced capital inflows to China by 3.8 percent.

USD/JPY, 1 Minute Chart

Forex_News_Yen_Unmoved_on_Consumer_Confidence_Data_Eyes_on_BoJ_body_Picture_1.png, Forex News: Yen Unmoved on Consumer Confidence Data, Eyes on BoJ

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