USD/JPY: Japanese data does not lift the yen

Japanese data beat expectations but fall short of showing signs of improvement as the coronavirus crisis continues to dominate the financial world, Valeria Bednarik from FXStreet reports.

Key quotes

“The Bank of Japan purchased this Tuesday a record high of 120.4 billion yen of Japanese ETFs, after announcing at the beginning of the week, it would increase purchases up to 12 trillion yen per year.”

“Japanese data beat expectations but remained far from impressive. Industrial Production in January rose 1.0% MoM, while it declined by 2.3% when compared to a year earlier. Capacity Utilization in the same month increased by 1.1%.”

“The American session will bring US Retail Sales, seen up in February 0.2%, while the Retail Sales Control Group is expected at 0.4% from 0.0% previously. The country will also release February Industrial Production and Capacity Utilization.”