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Flourishing sales of electronics and vehicles enabled Japan to demonstrate a 14th straight month of surge in January, although manufacturers' business confidence slumped due to fears of the soaring Japanese yen, which heavily affects an export-led recovery in this Asian country.
The trade data emerged following the Reuters Tankan poll, which figured out that the country’s manufacturers' confidence went down abruptly in February, thus indicating global stock market turmoil and also the Japanese currency, which undermines business sentiment.
Such variable gauges actually underscore the whole challenge faced by the Bank of Japan's top management, including newly-reappointed chief Haruhiko Kuroda as well as two fresh deputies because they work on stimulating the Japanese economy, so it could break up with decades of stagnation.
The relatively low mood of Japanese manufacturers in the Tankan poll actually contradicted Ministry of Finance data released on Monday. It showed that in January exports went up 12.2% year-on-year, thus topping the previous month's 9.3% revenue as well as experts’ estimate of a 10.3% jump.
Aside from that Monday's news also followed the previous week’s GDP data, disclosing that the Asian country faced its eighth straight quarter of economic expansion during the period October-December.
A firm currency eats into the country’s industrial revenues and could affect the virtuous cycle of business investment, surge and consumer spending that the Japanese government is hopelessly trying to set in motion.
As manager of a transport equipment maker wrote in the poll, their consolidated revenues have decreased due to a strengthening yen.
Market experts are assured that global demand should keep driving Japanese exports as well as broader economy in the nearer months, despite the ascending yen spoils the outlook.
On Friday, the evergreen buck headed south 0.4% trading at 105.545, which is the lowest value for 15 months.
The US dollar index keeps rounding above the 103.60 historical support level. The buyers have already defended this level for three weeks, highlighting their interest in the greenback. Thus, buying USD looks less risky right now.
Happy Monday, dear traders! Hope you had a great weekend and you’re ready for the last trading week in 2022! Later this week we’ll announce some exciting news for you, but now let’s look through some interesting news! Today’s events: USA, UK, Hong…
On the H4 timeframe, the US dollar index has formed a bullish falling wedge. At the beginning of the trading session, the price is testing the upper border of this wedge. Thus, in case of a higher-than-expected Core PCE Price Index m/m, the US dollar will skyrocket against other currencies.
S&P Global, a private banking company, will release a monthly change in British Flash Manufacturing Purchasing Managers Index (PMI) on January 24, 11:30 GMT+2. The index is a leading indicator of economic health as businesses react quickly to market conditions, and purchasing managers hold the most current and relevant insight into the company's view of the economy.
The United States Bureau of Labor Statistics will publish the US Consumer Price Index (CPI) m/m on January 12 at 15:30 GMT+2. The index measures a change in the price of goods and services purchased by consumers.
2022 was rough: inflation, energy crisis, and plenty of other controversial situations…
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