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USD/JPY turns lower after strong Japan manufacturing PMI data
The USD/JPY pair dropped sharply during the Asian session as traders reacted to Japan’s manufacturing PMI data. The pair is trading at 105.80, which is below last Friday’s high of 106.43. chart Unlike in Australia, the manufacturing sector in Japan is very important. The sector employs more than 10 million people, equivalent to about 8% of the country’s total population. It is responsible for more than 10% of the total GDP. Its manufactured products like Toyotas and Hondas are used around the world. According to Markit and au Jibun bank, the manufacturing sector made strong progress in July as the country ... (full story)