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Industrial output disappoints, yen weakens.
#USDJPY saw a significant drop yesterday, possibly due to the Bank of Japan using substantial monetary reserves for potential intervention.
Despite a slight rebound, the currency pair remains near recent highs due to ongoing economic troubles in Japan. Today's data shows a sharp contraction in industrial production due to declines in shipments of transport, machinery, and electronic products.
The focus now shifts to the #Personal Consumption Expenditure Price Index, the #Federal Reserve's preferred inflation gauge. The market remains anxious as Fed officials suggest further rate hikes if inflation stays elevated.
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