After descending from a double top formation at 151.54, USD/JPY established a support level at 148.25. However, it has recently breached this support, indicating a potential move towards the next support level at 145.53.
Investor attention was captivated early on Friday by Japan's unemployment data. The unemployment rate saw a decline from 2.6% to 2.5% in October. Additionally, the jobs-to-applications ratio edged up from 1.29 to 1.30, reflecting further positive developments in the job market, despite expectations for these figures to remain steady.
The strengthening labor market in Japan may bolster consumer spending. Increased consumer activity could spur demand-driven inflation, which might lead to a shift in the Bank of Japan's monetary policy, particularly regarding the current negative interest rates.
Investor attention was captivated early on Friday by Japan's unemployment data. The unemployment rate saw a decline from 2.6% to 2.5% in October. Additionally, the jobs-to-applications ratio edged up from 1.29 to 1.30, reflecting further positive developments in the job market, despite expectations for these figures to remain steady.
The strengthening labor market in Japan may bolster consumer spending. Increased consumer activity could spur demand-driven inflation, which might lead to a shift in the Bank of Japan's monetary policy, particularly regarding the current negative interest rates.