USD/JPY rises for fifth straight session to five-year high

USD/JPY gained ground in Asian trade on track for the best weekly performance since October 2021, marking January 2017 highs following a spate of data from Japan and ahead of US data later today.

As of 06:36 GMT, USD/JPY rose 0.46% to 116.67, with a five-year peak at 116.75.

From Japan, household spending fell 1.2% in January, compared to a 0.1% rise in December, while rising 6.9% y/y.

Japan's manufacturing index fell to minus 7.6 from plus 7.9, a sharp decline in the fourth quarter of last year.

From the US, the University of Michigan's consumer sentiment survey is expected down to 61.4 from 62.8.

US Treasury Secretary Janet Yellen warned for another year of highly uncomfortable inflation in the US amid the flaring Ukraine-Russia war, which raised prices of basic commodities. 

Recent Russian-Ukrainian peace talks in Turkey ended in failure with no progress towards a ceasefire agreement or allowing safe passages for civilians through trapped cities.