Weak industrial data for Japan, hawkish comments from the Fed’s Waller and increased appetite for risk has seen the yen weaken in today’s Asian session. Industrial output fell -1.3% in April compared with -0.2% expected. It didn’t come as a huge surprise though, given output from South Korea fell -3.3% - its fastest contraction since the pandemic, around 90 minutes beforehand. And that makes industrial output yet another weak data print for Japan’s Q2 GDP, alongside a wider trade deficit. Whilst Kuroda spoke of a smooth exit from the BOJ’s ultra-loose policy last week, the figures don’t back that up any time soon. ... (full story)