The Yen continues falling. Overview for 08.06.2022

USDJPY is moving to the upside and updating its 20-year highs. 

The Japanese Yen’s devaluation against the USD continues. The current quote for the instrument is 133.12.

Just like yesterday, the “greenback” is supported by US bond yield growth. In this light, the Yen is forced to quickly retreat.

The Ministry of Finance has to say something about such a significant devaluation of the national currency. However, it’s been mum on this issue so far. 

The statistics published today showed that the Japanese GDP lost 0.1% q/q in the first quarter of 2022. This is the final report, which turned out to be better than previous estimates and expected readings. 

On YoY, the indicator lost 0.5% against the expected decline of 1.0%. It’s also good news.

 Bank Lending gained 0.7% y/y in May, worse than expected. Still, the tendency remains positive.