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Yen Falls Despite Strong Consumer Confidence, Keeps Tracking Nikkei 225

Yen Falls Despite Strong Consumer Confidence, Keeps Tracking Nikkei 225

2013-10-10 09:14:00
Cecilia Sanchez-Corona,
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Talking Points:

  • Japan’s Consumer Confidence Index advanced for the first time in four months
  • Market focuses on possible US budget deal
  • Japanese Yen underperforms as Nikkei advances

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Japan’s Consumer Confidence Index advanced to 45.4 in September from 43.0 in August, beating market expectations of an increase to 43.5 and rising for the first time in four months. The survey showed improvements in all of its sub-indexes, with the “willingness to buy durable goods” and “employment” indicators proving to be most optimistic. They rose to 47.0 and 51.7 respectively up from 44.3 and 46.9. The Cabinet Office also upgraded its assessment on consumer sentiment to “improving” from “stalling”.

The Japanese Yen disregarded domestic economic data once again as all eyes focused on a possible deal between US lawmakers to approve a short-term increase of the debt ceiling. Investors cheered on the possibility of an end to the US government shutdown, with Japan’s Nikkei 225 stock index closing up 1.12 percent while the Japanese Yen underperformed amid waning safe-haven demand.

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USDJPY 5 Min: Oct 10, 2013

Yen_Falls_Despite_Strong_Consumer_Confidence_Keeps_Tracking_Nikkei_225_body_Picture_1.png, Yen Falls Despite Strong Consumer Confidence, Keeps Tracking Nikkei 225

Chart created byCecilia Sanchez-Corona using Marketscope 2.0

-- Written by Cecilia Sanchez-Corona, DailyFX Research. Feedback can be sent to instructor@dailyfx.com

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