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- European session review: JPY appreciates on news that Japan's PM Abe intends to resign due to health reasons
European session review: JPY appreciates on news that Japan's PM Abe intends to resign due to health reasons
| Time | Country | Event | Period | Previous value | Forecast | Actual |
|---|---|---|---|---|---|---|
| 06:00 | Germany | Gfk Consumer Confidence Survey | September | -0.2 | 1.2 | -1.8 |
| 06:45 | France | Consumer spending | July | 10.3% | 2% | 0.5% |
| 06:45 | France | CPI, m/m | August | 0.4% | -0.1% | |
| 06:45 | France | CPI, y/y | August | 0.8% | 0.2% | |
| 06:45 | France | GDP, q/q | Quarter II | -5.9% | -13.8% | -13.8% |
| 07:00 | Switzerland | KOF Leading Indicator | August | 86 | 90 | 110.2 |
| 09:00 | Eurozone | Industrial confidence | August | -16.2 | -14.3 | -12.7 |
| 09:00 | Eurozone | Consumer Confidence | August | -15 | -14.7 | -14.7 |
| 09:00 | Eurozone | Economic sentiment index | August | 82.4 | 85 | 87.7 |
JPY strengthened against most other major currencies in the European session on Friday after Japan's Prime Minister (PM) Shinzo Abe announced that he was stepping down after eight years amid failing health.
Mr. Abe suffers from chronic inflammatory bowel disease. During a televised press conference on Friday, the Japanese PM said that his health started worsening around the middle of last month. So, he decided to step down as he did not want his illness to result in any policy mistakes. “I needed to fight against the disease and be treated and I was not really in a perfect state in terms of the health condition,” Abe said. “I would like to send my apologies to the people of Japan,” he added. Shinzo Abe will continue to carry out his duties as prime minister until the next leader is appointed.
The shock announcement raised worries whether Abe's successor would pursue a similar expansionary economic policy.
Meanwhile, the Bank of Japan (BoJ) reaffirmed that it would maintain its current monetary policy even as PM Abe resigns.
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