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In currency markets, Dollar softened as this week’s rebound lost steam. Overall trading remained subdued with no major catalysts. Yen led gains on the day, followed by Loonie and Swiss Franc. On the downside, Euro lagged most, trailed by Dollar and Kiwi, while Sterling and Aussie held middle ground.
TOKYO (Reuters) -Eric Trump took the stage in Tokyo on Monday to throw his support behind Japanese bitcoin treasury company Metaplanet, as the U.S. president's family expands its crypto ventures internationally. The second son of President Donald Trump was named in March as an adviser to Metaplanet, which holds more than $2 billion in bitcoin, and his attendance at the company's extraordinary shareholders' meeting followed an appearance last week at the Bitcoin Asia conference in Hong Kong. Metaplanet called the meeting to approve a plan that would allow it to sell up to 550 million new shares overseas for 130.3 billion yen ($884.41 million), with the bulk of the proceeds to be spent on buying more bitcoin.
The USD/JPY pair trades with mild losses near a four-week-old trading range support around 147.15 during the early Asian session on Tuesday. The US August ISM Manufacturing Purchasing Managers Index (PMI) will take center stage later on Tuesday.
Yen dominated currency moves in an otherwise subdued Asian session, with broad-based selling gathering pace. After weeks of range-bound trading, the Japanese currency may finally be breaking lower, particularly in the crosses where momentum is building.
Tokyo Core CPI eased to 2.5% in July, down sharpy from 2.9% in June. The BoJ is expected to renew tightening in the the fourth quarter, likely in October or December. Japan's retail sales and industrial production both declined and missed expectations, pointing to a weak economy.
Japan will publish Tokyo core CPI early on Friday. Japan's inflation rate has been falling, and the market estimate for the reading stands at 2.5% in August, compared to 2.9% in July. In the US, second-estimate GDP for Q2 is expected to be upwardly revised to 3.1% from 3.0%.