Research Team at BBH, notes that the Japan reported February IP overnight and the m/m drop of 6.2% was slightly worse than expected, but the y/y drop of 1.5% was slightly better than expected.
Key Quotes
“USD/JPY has retraced roughly half of the March 17-29 rise. A break below the 112 area would set up a test of the March low near 110.65. As we have noted before, a weaker yen would not solve Japan’s problems, but a stronger yen would surely aggravate those problems.”
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