Japanese Yen Weakest During Friday’s Trading, Attempts to Bounce

The Japanese yen was extremely weak today. In fact, it was the weakest currency on the Forex market during early Friday’s trading. The yen fell even against the otherwise weak New Zealand dollar. That said, the yen has been trying to beat the Swiss franc and the New Zealand dollar at the time of writing, rising closer to the opening level from time to time.
The most likely reason for the yen’s weakness was the positive market sentiment. The Japanese currency is usually used as a haven in times of uncertainty and fear but loses its appeal when market participants feel optimistic. And it looked like investors were in the good mood today, preferring riskier currencies over safer ones.
 
Domestic macroeconomic data did not do the Japanese currency any favors either, being rather awful. Japan’s Ministry of Finance released its Business Outlook Survey for the March quarter today. The report showed that business conditions deteriorated sharply last quarter in both manufacturing and non-manufacturing sectors. The business survey index for manufacturing conditions sank from 21.6 in the December quarter to 1.6 in the March quarter. The index for the non-manufacturing industries tumbled from 6.7 to -7.4.
USD/JPY jumped from 0.9241 to 0.9310 as of 9:10 GMT today. EUR/JPY advanced from 130.02 to 130.19, and its session high of 130.35 was the highest since October 2018. CHF/JPY was up from 117.33 to 117.55 intraday but has backed off to 117.15 at the time of writing.
If you have any questions, comments, or opinions regarding the Japanese Yen, feel free to post them using the commentary form below.

Original from: www.earnforex.com