12.03.2020 USD/JPY Daily Analysis

12.03.2020 USD/JPY Daily Analysis

USD/JPY went down with 0.81 from 104.53 to 103.72. This is because the World Health Organisation announced that the coronavirus is now a pandemic due to new cases that are coming out. This affected the Asian markets especially Japanese yen and it went down. More so Japan Prime minister Abe announced an additional fiscal package worth JPY430.8 billion, this is an addition to fiscal actions already taken by the administration. Japan is estimated that it will need JPY 10 Trillion to JPY 20 trillion to fight the coronavirus. This, therefore, affected the yen and it made USD/JPY become weaker although the Bank of Japan said they will be helping the financial markets. Events Today There is US PPI this measures the change in the price of finished goods and services sold by producers. If it comes out higher than the forecast it means it will be good for US currency. Right now we wait for the outcome