Yen Retreats Following Suspected Intervention

During Asian trading hours, the USD/JPY pair advanced by 0.4% to reach 156.88, with the yen experiencing a slight decline against the dollar following significant gains in the previous session that hinted at potential government intervention.

Despite this, the pair remains significantly below the 34-year high of 160.245 recorded in the prior session.

Japanese authorities have refrained from confirming any intervention to support the yen, but the nation’s top currency diplomat, Masato Kanda, stated on Tuesday that authorities are prepared to address foreign exchange matters at all times.

The yen’s weakness on Tuesday was influenced by mixed Japanese economic data. While industrial production exceeded expectations in March, retail sales fell short of forecasts by a considerable margin, pointing towards subdued prospects for consumer spending and inflation.

Elsewhere, the USD/CNY pair traded 0.1% higher at 7.2416 following the release of mixed purchasing managers index (PMI) data reflecting some deceleration in the Chinese economy.

Official manufacturing PMI data indicated a slight slowdown in activity, whereas non-manufacturing activity expanded at a notably slower pace than anticipated.

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