Yen boosted by strong industrial output and retail sales

The Japanese yen hovered around 156.3 per dollar, steady for the week, supported by stronger-than-expected economic data. October industrial production and retail sales rose 2-3 times, while core inflation also surprised on the upside. Speculation of a Bank of Japan rate hike kept sentiment firm, even as the yen faces a monthly decline of over 1%. Japans government approved a 21-trillion-yen stimulus package to tackle rising prices, boost growth, and strengthen defense, marking its first major policy move under Prime Minister Sanae Takaichi.

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