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GDP Takes Focus Today

JPY

USD/JPY has added 5 pips and last trades at Y109.64, with bulls looking for gains past Aug 11/Jul 7 highs of Y110.80/82. A breach of that level would clear the way to Y111.66, which limited gains on Jul 2. Bears need a dip through Aug 4 low of Y108.72, before targeting May 25 low of Y108.56.

  • South Korean Pres Moon extended an olive branch to Japan in a speech marking the anniversary of Japan's WWII surrender, noting that "we always keep the door open for conversation," even as several members of PM Suga's Cabinet visited Yasukuni Shrine, a symbol of Japan's past militarism.
  • NHK reported today that Japan will consider the expansion of state-owned enterprises as soon as this week.
  • Focus turns to flash Q2 GDP and final industrial output today. Looking further afield, trade balance & core machine orders come out Wednesday, while national CPI is due Friday.

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