EUR/JPY week 47

The Japanese Yen fell 0.073 points or 0.07% to 103.869 against the US Dollar on Thursday. Investors retreated from the Yen after Japan’s coronavirus cases rose sharply Wednesday, logging a daily record of 2,203, with Tokyo also reporting a fresh record high in what experts say could be the third wave of the pandemic in the country. Prime Minister Yoshihide Suga urged caution saying the country is on “maximum alert,” while the Japan Medical Association called for the public to hunker down for the upcoming three-day weekend. Further weighing sentiment, Japan’s finance minister said that he didn’t think about giving cash handouts to households again, arguing that conditions are different now as the state of emergency has been lifted.

The Japanese Yen added 0.283 points or 0.27% to 103.892 against the US Dollar on Wednesday. Investors moved into the safe haven Yen as novel coronavirus infection rates surge across the US. Federal Reserve Chair Jerome Powell noted that the US economy still has a “long way to go” before it fully recovers from the novel coronavirus pandemic, warning that significant downside risks exist even as progress on new vaccines and therapies have emerged. In local data, Japan recorded a trade surplus of JPY 872.9 billion in October, posting the fourth straight month of surplus and the largest since February, as exports fell by 0.2% year-on-year while imports dropped at a faster 13.3%.

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