Japanese Yen Weak amid Uneventful Trading Session

The Japanese yen was weak today, trading either flat or lower versus its most-traded counterparts. The trading session was rather uneventful, with no major news to drive the market. There were several macroeconomic reports released in Japan, but nothing particularly important.
The Bank of Japan reported that bank lending rose by 6.2% in December, the same as in November. Economists had predicted acceleration to 6.5%. According to data from Japan’s Ministry of Finance, the current account surplus widened to Â¥2.34 trillion in November from Â¥1.98 trillion in the previous month. Experts were expecting the indicator to remain almost unchanged. A report from the Cabinet Office showed that the seasonally adjusted Economy Watchers Sentiment tumbled to 35.5 in December from 45.6 in November, below the forecast level of 36.9.
The market sentiment was uncertain as hopes for fiscal stimulus in the United States were countered by political turmoil in the USA. The same goes for the COVID-19 news — hopes for vaccine rollouts and the subsequent economic recovery were damaged by the emergence of new strains, which seems to be more infectious and are potentially unaffected by vaccines.
As for Japan, there were few more reports released during the rest of the week but nothing major. Next week, the Bank of Japan will make a monetary policy decision.
USD/JPY was at 104.23 as of 13:32 GMT today, near the opening level of 104.26, after falling to the minimum of 104.10 earlier. EUR/JPY was little changed at 126.68. GBP/JPY rallied from 140.88 to 141.73.
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Original from: www.earnforex.com