Japanese Yen Declines
The early Friday Asian trade market left the Japanese Yen weaker to other major currencies, however there were no data released yet because of the closed market due to the holidays for the Lunar New Year.
Haruhiko Kuroda, the Governor of the bank of Japan made statements to lessen the effects of the decline. He said that the Bank of Japan is monitoring the bond market of the government of Japan, clarifying that in other to achieve the 2 percent target rate of sustained inflation, negative declined rate of the Japanese Yen will help achieve this.
The US dollar traded against the Japanese yen at 119.03, up 0.007%, it also traded up against the Canadian dollar early in Friday hitting 1.2521 up 0.21%, this is as a result of the bad Canadian retail sales data that reduced the demand for the Canadian dollar.
The United States preliminary manufacturing data which was released later in the day on Friday was upbeat. This data revealed that US manufacturing PMI increased this February to 54.3 higher than the 53.9 in January.