28.12.2015 - Data from Japan disappointed investors

Today was published important statistics on the volume of industrial production in Japan in November. Thus, the index fell by 1.0% against the previous month. Analysts predicted contraction by only 0.4%. At the same time, retail sales for the year fell by 1.0%, which is 0.9% worse than expected figure. We maintain a medium-term negative outlook on the yen and forecast growth of USD/JPY to levels of 124.50 and 125.70 in the next month on a stronger US dollar and the loose monetary policy of the Bank of Japan.

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