Reply To: Traders Market Weekly: it’s a Mad, Mad World of Political Uncertainty


Continued weakness in the Japanese yen lifted the USD/JPY pair past the April peak (160.22), which prompted an intervention from Japanese authorities.
Japan’s top currency diplomat Kanda will retire at the end of July and will be replaced with a current official from the Ministry of Finance.
The Bank of Japan’s meeting minutes with a bond market group showed growing expectations for rising rates and insufficient JGB market depth due to reluctance of foreign investors.
June Tokyo CPI 2.3% yr/yr (last 2.2%) and Tokyo Core CPI 2.1% yr/yr (expected 2.0%; last 1.9%).
May Unemployment Rate 2.6%, as expected (last 2.6%)
May Industrial Production 2.8% m/m (expected 2.0%; last -0.9%).
May Housing Starts -5.3% yr/yr (expected -6.1%; last 13.9%)
Construction Orders 2.1% yr/yr (last 26.4%).

South Korea
May Industrial Production -1.2% m/m (expected 0.2%; last 2.4%); 3.5% yr/yr (expected 3.1%; last 6.2%).
May Retail Sales -0.2% m/m (last -1.2%)
May Service Sector Output -0.5% m/m (last 0.7%)

May Private Sector Credit 0.4% m/m, as expected (last 0.5%) and Housing Credit 0.4% m/m (last 0.5%)


S&P affirmed China’s A+ rating with a Stable outlook.