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Japanese Yen Awaits BoJ as Employment Data Remains Solid

Japanese Yen Awaits BoJ as Employment Data Remains Solid

Daniel Dubrovsky, Contributing Senior Strategist

Talking Points:

  • Japan’s jobless rate held at a 1994 low, the labor force participation rate edged higher
  • The Japanese Yen was little changed as traders awaited the Bank of Japan policy decision
  • Keep an eye out on our news feed, we will be covering the BoJ shortly after it comes out

Have a question about why the Japanese Yen did what it did? Join a Q&A webinar and ask it live!

The Japanese Yen is idling above the 113.02 Monday low after another round of solid Japanese employment data. The jobless rate held at the 1994 low of 2.8% as expected. Meanwhile, the labor force participation rate edged higher from 60.9 percent in August to 61.1 percent in September. Lastly, the job-to-applicant ratio held steady at 1.52, slightly lower than the 1.53 estimate.

Despite the solid labor figures, traders were probably hesitant to commit to Yen direction ahead of Tuesday’s Bank of Japan rate announcement. According to Currency Strategist James Stanley, while there are few hopes of any actual moves, there is a prospect of a change to the near-term inflation forecasts.

Speaking of the central bank, we will be hosting a breaking news coverage of the monetary policy announcement shortly after it crosses the wires. You may keep an eye out on our news feed and home page for a link to the event once the Bank of Japan speaks.

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