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USD/JPY. Analysis and Forecast
The Japanese yen is losing ground
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The Japanese yen is losing ground today. The yen failed to extend its gains despite earlier signs of recovery following Japan's PMI manufacturing index report. It initially strengthened after comments from Bank of Japan Governor Kazuo Ueda post-meeting, which increased the likelihood of a rate hike by the BOJ. However, the manufacturing PMI from Jibun Bank for October came in at 49.2, down from September's 49.7, indicating continued contraction in Japan's manufacturing sector, with a more pronounced decline in production
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