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Yen Firms Modestly, Q4 Tankan Results Slightly Better Than Forecast

JPY

USD/JPY is modestly weaker in early Wednesday Asia Pac dealings. The pair last in the 145.25/30 region. We are around 0.10% stronger in yen terms versus end NY levels from Tuesday. Session lows rest at 145.19.

  • Broader USD sentiment is softer, although the yen is outperforming marginally.
  • Headlines from the Tankan report show slightly better than expected reports, on balance.
  • Q4 conditions for manufacturing were +12, versus +10 expected and 9 prior. For non-manufacturing we were +30,v versus +27 expected. The outlook was slightly softer though.
  • Capex intentions were +13.5%, versus +12.7% forecast.

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