The Japanese yen held around 154.3 per dollar on Friday after gaining some ground in the previous session, as investors digested the latest economic releases.
Data showed that Japan's headline inflation rate slowed to a nine-month low of 2.3% in October, while the core inflation rate also dropped to 2.3%, a six-month low, slightly above the forecast of 2.2%. A separate report indicated that manufacturing activity in Japan contracted more than expected in November, although services activity expanded.
Meanwhile, Bank of Japan Governor Kazuo Ueda signaled the possibility of another rate hike as early as December, citing the recent weakness in the yen. Additionally, Prime Minister Shigeru Ishiba's administration is considering a $90 billion stimulus package to ease the impact of rising prices on households. Still, a strong dollar and elevated US Treasury yields kept the lower-yielding yen from rising further.
Source: trading Economics
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