Japanese Yen Little Moved by Unchanged Jobless Rate
- The Yen was little moved after Japan’s jobless rate was released
- Unemployment held at 3.2% as expected, matching March’s data
- Japan’s job-to-applicant ratio increased to 1.34 from 1.30 prior
Having trouble trading the Japanese Yen? This may be why.
The Japenese Yen saw little movement after April’s jobless rate crossed the wires. The unemployment rate came out at 3.2 percent, which was the same reading from March. The job-to-applicant ratio inched higher to 1.34 percent versus 1.30 percent expected and 1.30 percent in March.
The muted reaction from markets after the data release conveys a general sense of disregard for certain Japanese economic data. The Bank of Japan has been fighting a persistent threat of deflation for some time. This puts the spotlight on inflation-related economic newsflow coming out of country.
Meanwhile, the DailyFX Speculative Sentiment Index (SSI) is showing a reading of 1.42 following the announcement, meaning that for every trader short the USD/JPY, there are 1.42 on the long side. The SSI is a contrarian indicator, implying further USD/JPY weakness ahead.
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