Japan's government upgraded its assessment of factory output for the first time in a year, saying in its monthly economic report that it showed signs of picking up and signalling production may have bottomed out. The government also upgraded its assessment of imports and public works while leaving its overall economic assessment unchanged for a third straight month. There was no revision to other components such as private consumption and capital expenditure.
Japan Upgrades Factory Output View in Monthly Report
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BoJ s Ueda: Monetary policy does seek not to control forex rates
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BoJ s Ueda: Easy financial conditions will be maintained for the time being
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Japanese Yen's accelerated decline captured significant attention in Asian session, while the broader currency markets remained generally stable. Market participants interpret the apparent lack of urgency from Japanese officials to address Yen's fall as a tacit approval for its continued depreciation. This perspective gains significance following the recent trilateral meeting between Japan, South Korea, and the US, where the sharp decline of Yen was a subject of "serious concerns." Speculation is rife that Japan might tolerate Yen's fall to 160 mark against Dollar before taking any corrective actions.