USD/JPY down after a huge beat data release

The data is here: 

It took a few minutes but USD/JPY is down a little after the data.

The machine orders data is volatile m/m … but this was a biggie! (Largest m/m rise in the history of this data set … which goes back to 2005)

I donlt don’t know if the yen move is in response, TBH. The narrative fits, it goes something like this (arrows for short-hand:

Japanese data good –> less liklely the BOJ will ease further –> yen strength.

Of course the hole in that argument is the BOJ have an inflation target that’s not even close so they’ll keep on easing … no end in sight. Especially with everyone else around the globe easing!

The right hand side is the data move. Over on the left is the Trump tweet move. 

Tweet > data …. 

The data is here: 


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