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The Japanese Yen is in demand again


30 November 2021 Written by Dmitriy Gurkovskiy  Senior analyst at RoboForex Dmitriy Gurkovskiy

USDJPY is falling amid global risk aversion. The Japanese Yen found support against the USD in the form of the demand for “safe haven” assets. The current quote for the instrument is 112.84. The statistics published by Japan earlier today showed that the Unemployment Rate dropped to 2.7% in October after being 2.8% the month before. However, the indicator wasn’t expected to change. The Japanese labour market raises no concerns – it was stable even when the country’s economy was experiencing significant stress. 

According to the preliminary report, the Industrial Production in Japan added 1.1% m/m in October, which is worse than expected. In September, the indicator lost 5.4% m/m, that’s why the actual reading didn’t make the situation better. 

The Housing Starts in October added 10.4% y/y after expanding by 4.3% y/y in the previous month and against the expected reading of 5.4% y/y. It’s a good signal but there is an impression that market players just want to secure money and make the real sector work to support the GDP.  The demand for the Yen increased due to global risk aversion. Today’s highlight is the new COVID-19 strain story and lack of understanding of how it may unfold. 

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