Data from Japan today has been disappointing, both retail sales and industrial production data were a miss on estimates.
Its not usual for Japanese data to move the yen too much upon release and I’m not looking at today’s as a driver for the yen (it went the wrong way anyway)
One item doing the rounds that would tend to support yen is that SoftBank (a Japanese multinational conglomerate holding company) is said to be considering offloading its stake in Paytm (an Indian mobile payments and commerce platform) a circa $1.5bn flow, if it should occur and SoftBank indeed bring the funds back to Japan (a lot of ifs but there you go). I’m not sure that is the driver, but conveying some of the talk around.
I’m glancing more at ‘flow’ – USD/JPY dropped pretty much bang on after the final Tokyo fix (which was 109.93) for the month.