The Corporate Service Price index for the month of March has been announced in Japan. The announced figure on a year to year basis was at 1.2% matching the market’s speculations and was lower than the previous reading of -1.0%. Following the news announcement no significant volatility was developed for currency pairs involving the Yen. On the other hand however the Japanese Yen since the start of the Asian session has been weakening having already lost over 50pips and 90pis against the US Dollar and the Euro respectively.
The Corporate Service Price Index which is released by the Bank of Japan indicates the prices of services that were traded between companies. It shows price developments that can show an inside into the supply and demand conditions of the services market. It is also regarded as an indicator for inflations. Usually, a high value is associated by bullish behavior of the currency.