ForexLive Asia-Pacific FX news wrap: USD/JPY back near recent high

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targets weapons storage facility</a></li><li><a href="https://www.forexlive.com/news/asian-economic-calendar-key-events-and-consensus-expectations-for-november-13-2023-20231112/">Asian Economic Calendar: Key Events and Consensus Expectations for November 13, 2023</a></li><li><a href="https://www.forexlive.com/news/trade-ideas-thread-monday-13-november-2023-20231112/">Trade ideas thread – Monday, 13 November 2023</a></li><li><a href="https://www.forexlive.com/centralbank/week-ahead-highlights-include-biden-xi-meeting-us-cpi-china-activity-data-20231112/">Week Ahead: Highlights include Biden-Xi meeting, US CPI, China activity data</a></li><li><a href="https://www.forexlive.com/news/weekly-market-outlook-13-17-november-20231112/">Weekly Market Outlook (13-17 November)</a></li><li><a href="https://www.forexlive.com/news/moodys-changes-outlook-on-usa-soverign-ranking-to-negative-affirms-aaa-rating-20231110/">Moody's changes outlook on USA soverign ranking to negative, affirms Aaa-rating</a></li><li><a href="https://www.forexlive.com/news/forexlive-americas-fx-news-wrap-big-gains-for-stocks-fx-unimpressed-20231110/">Forexlive Americas FX news wrap: Big gains for stocks, FX unimpressed</a></li></ul><p>
The
yen weakened during the session here to open the week, inching
towards its recent high circa 151.70. The only news to go on were the
PPI (AKA the corporate good price index) data for October, which
dropped under 1% for the first time since February 2021. The Bank of
Japan view core consumer inflation (CPI) as likely to drop from
current high (for Japan) levels and with less pressure coming from
this lower ‘wholesale’ inflation rate it seems the Bank may be
correct. With CPI likely unsustainable above 2%, its looks very much
like BOJ monetary policy will remain easy for still some time to
come.</p><p>EUR/JPY hit its highest since 2008.</p><p>Elsewhere
across major FX rates moves were restrained. USD/CAD has traded a
little higher absent any fresh news of note.</p><p>An RBA official today reiterated that the decline in Australian inflation was expected to be slower than previously forecast, saying that still-strong levels of demand have allowed businesses to pass on cost increases. AUD/USD did little during the session in response. </p><p>Of
interest of China we had Fitch
Ratings saying
it plans
to withdraw all the ratings on Country Garden Services Holdings
Company Limited. Country
Garden is a huge property developer engulfed in a debt crisis. As are
so many others.</p><p>more to come</p>

This article was written by Eamonn Sheridan at www.forexlive.com.