USD/JPY climbs above 109 for first time in nine months

Economies.com
2021-03-09 06:08AM UTC

USD/JPY rose in Asian trade to June 2020 highs following earlier data from Japan and amid a lack thereof from the US, as investors await US House of Representatives' decision on passing the new massive financial rescue bill for the economy. 

 

As of 07:04 GMT, USD/JPY rose 0.29% to 109.19, with a nine-month high at 109.23. 

 

From Japan, household spending fell 6.1% in January, compared to a 0.6% dip in December, while average income fell 0.8%. 

 

Japan's GDP growth rose 2.8% in the last fourth quarter, down from 5.3% in the third quarter. 

 

Bank of Japan's M2 money supply rose 9.6%, up from 9.4% in January, while machine orders surged 36.7% in February.

 

The US House of Representatives is voting today on the $1.9 trillion financial rescue bill after the Senate passed it last Saturday.  

 

The Senate passed it 50-49, exactly along party lines, while Treasury Secretary Janet Yellen said that new package will provide enough resources to support the economy in the current crisis but it won't fix the long term inequality problems. 

 

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