USD/JPY: Japanese yen points to 104 as manufacturing PMI disappoints

The USD/JPY price declined in overnight trading even after disappointing inflation and PMI data from Japan. It is trading at 104.70, which is lower than yesterday’s 104.95. Japan manufacturing sector under pressure Japan is a well-known manufacturing country. Some of its biggest brands like Toyota, Nissan, and Mitsubishi are all in the sector. Unlike in other countries like China and the United States, the country’s manufacturing sector is under intense pressure. According to Markit, the manufacturing PMI increased from 47.7 in September to 48.0 in October. While that was an improvement, it is still below 50, which is a sign