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In July Japanese industrial production was surprisingly weak as the Ministry for Trade and Industry announced this morning. July industrial production is declined by 0.6% mom, after a firm growth in June of +1.1% mom.
However, the yen was unaffected by the news. It was able to appreciate in line with its role as a safe haven. The fact that Chinese stocks started the week on the wrong foot and that the oil price is easing against Friday's high was clearly more important than domestic factors. Current developments are further proof of how much exchange rates are driven by global factors rather than country specific factors.
