Forex: USD/JPY rises to 27-day high

on Jul 2, 2013
Listen Tuesday July 2nd:_ The US dollar remained firm against the yen during Asian trading today, with the pair rising to 99.89, a 27-day high, after release of the Japanese monetary and labour cash earnings updates.

At 00:50 BST today Japan’s monetary base data was reported to have reached a record 36 percent increase in June, boosted by the central bank’s sweeping quantitative easing measures, aimed at reversing the deflationary trend. The increase nevertheless missed expectations for a 41.2 percent rise.

And Japan’s Labour Cash Earnings for May y/y came out at zero percent change, the same as the prior month and below expectations for a 0.6 percent rise.
Yesterday the Tankan Large Manufacturing Index showed an improvement of 12 points over the second quarter of the year to plus 4, its highest level since March 2011. The Tankan Large Manufacturing Outlook for Q2 recorded a jump to 10 from -1 in Q1, beating expectations for a reading of seven.
US Factory Orders for May m/m is due out at 15:00 BST today.