The Japanese Yen is closing in on its 4 month low against the greenback.
The Bank of Japan left interest rates unchanged at 0.50 percent last night, which was right in line with the market’s expectations. Economic data was mixed with the stronger industrial production report offset by another decline in consumer confidence. Sentiment in Japan has fallen to a 6 year low as consumers face rising prices and a softening labor market. Therefore heed BoJ Governor Shirakawa’s warning that there is a higher risk that growth will continue to slow.
