USD/JPY backs off five-week high

USD/JPY fell in Asian trade off February 21 highs following earlier inflation data from Japan and ahead of US data today. 

As of 05:40 GMT, USD/JPY shed 0.50% to 110.65, with a session-low at 110.46. 

Earlier Japanese data showed services prices rose 2.1% in February, slowing down from 2.3% in January, while Tokyo mayor called on the city dwellers to avoid unnecessary excursions at the weekend.  

Residents were also encouraged to work from home whenever possible, after announcing 41 new coronavirus cases in Tokyo, with total Japanese cases mounting to 1,193, with a death toll of 43. 

From the US, GDP growth rate is expected at 2.1% for the fourth quarter of 2019, while GDP prices are estimated up 1.3%. 

Unemployment claims for the week ending March 21 are expected up by 1,367 to a total of 1.648 million. 

US goods trade deficit is expected down to $64.5 billion, while wholesale inventories are estimated down 0.2%. 

The World Health Organization warned that kids can be infected with Covid 19 just like everyone else, calling for more stringent measures against the virus. 

Global cases rose to 417 thousand in 196 countries and territories, with the death toll mounting to 18,589.