The Japanese Cabinet Office said in its report on Monday, the government kept its view on the economy unchanged for the third straight month in May. depositphotos Key takeaways

The Japanese economy is recovering at a moderate pace, although it recently appears to be pausing.

Industrial production shows movements of picking up recently, although manufacturing activities declined due to the effects of the suspension of production and shipment by some automotive manufacturers.

There were signs of a pick-up in factory output, upgrading its assessment of this metric for the first time since May last year.

The change in the assessment on industrial output may suggest that these temporary headwinds to factory activity likely have eased.

 Market reaction Despite the upbeat report, the Japanese Yen loses its recovery momentum against the US Dollar. At the time of writing, the USD/JPY pair is trading around 156.90, down 0.05% on the day. JAPANESE YEN PRICE TODAYThe table below shows the percentage change of Japanese Yen (FXY) against listed major currencies today. Japanese Yen was the weakest against the New Zealand Dollar. 

  USD EUR GBP JPY CAD AUD NZD CHF USD   -0.07% -0.08% -0.06% -0.07% -0.23% -0.37% -0.02% EUR 0.07%   -0.04% 0.03% 0.00% -0.24% -0.40% 0.11% GBP 0.08% 0.04%   0.00% 0.02% -0.18% -0.29% 0.09% JPY 0.06% -0.03% 0.00%   -0.04% -0.19% -0.23% 0.01% CAD 0.07% -0.00% -0.02% 0.04%   -0.19% -0.30% -0.02% AUD 0.23% 0.24% 0.18% 0.19% 0.19%   -0.08% 0.26% NZD 0.37% 0.40% 0.29% 0.23% 0.30% 0.08%   0.33% CHF 0.02% -0.11% -0.09% -0.01% 0.02% -0.26% -0.33%  

 The heat map shows percentage changes of major currencies against each other. The base currency is picked from the left column, while the quote currency is picked from the top row. For example, if you pick the Japanese Yen from the left column and move along the horizontal line to the US Dollar, the percentage change displayed in the box will represent JPY (base)/USD (quote).More By This Author:German IFO Business Climate Index Eases To 89.3 In May Vs. 90.3 Expected
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