Forexpros – The dollar slid against the yen on Wednesday, as weaker-than-expected Japanese industrial production figures and other data sparked demand for Japanese currency.
USD/JPY was trading at 77.80, down 0.09%, not far from a session low of 77.77 and comfortably off from a high of 77.92.
The pair was likely to seek support at 77.77, Wednesday’s low, and resistance at 78.03, Tuesday’s high.
The Japanese Ministry of Economy, Trade and Industry said that industrial production fell to a seasonally adjusted -2.6% in November, down from 2.2% in October.
Analysts had expected industrial production to fall -0.7% last month.
Furthermore, Japan’s unemployment rate remain unchanged in November at 4.5%, in line with expectations.
Also in Japan, retail sales fell 2.3%, below forecasts for a 0.1% gain, while unemployment rates held steady at 4.5%.
Japanese core inflation rates came in better than expected, hitting -0.3% compared with forecasts for -0.4%.
The data sent investors stocking up on yen although stocks in Tokyo still attraced some buyers, with equities holding in positive territory early in the day.
Meanwhile, the dollar was up against the euro and the pound, with EUR/USD shedding 0.01% to hit 1.3070 and GBP/USD falling 0.07% to hit 1.5658.
Forexpros
