It is a quiet morning for the USD/JPY. There are no economic indicators from Japan to influence the Bank of Japan and the ultra-loose monetary policy stance. However, economic indicators from China will set the tone, with Q2 GDP, industrial production, and retail sales in focus. To date, the markets have avoided a flight-to-safety, with expectations of a stimulus package from Beijing limiting the impact of weak data from China. Particularly weak GDP and industrial production numbers could question how much Beijing can support the economy. It is a quiet day on the US economic calendar. NY Empire State Manufacturing ... (full story)