Japan producer prices turn green in November, slightly above expectations

Producer prices in Japan witnessed positive shoots during the month of November, after having turned red in the previous month, while remaining slightly above what markets had initially anticipated.

Japan’s producer prices picked up 0.4 percent on month in November, data released by the Bank of Japan showed Monday, beating expectations for 0.3 percent following the 0.1 percent decline in 0.1 percent in October.

On a yearly basis, producer prices slid 2.2 percent versus forecasts for a fall of 2.3 percent following the 2.7 percent slide in the previous month. Export prices added 0.4 percent on month and 0.1 percent on year, the bank said, while import prices gained 2.2 percent on month and fell 1.7 percent on year.

Meanwhile, the USD/JPY traded at 115.66, up 0.25 percent, while at 6:00GMT, the FxWirePro's Hourly Yen Strength Index remained highly bearish at -137.40 (a reading above +75 indicates a bullish trend, while that below -75 a bearish trend). For more details, visit http://www.fxwirepro.com/currencyindex