AUD/JPY Plummets Near 98.20 Amid Aussie Labor Market Concerns
AUD/JPY plummeted to near 98.20 as investors reacted to Australia's labor market figures, which showed a rise in unemployment and a decline in full-time employment.
The cross remained under pressure as the Australian Dollar struggled against the Yen following the release of August's job data.
The seasonally adjusted Unemployment Rate climbed to 4.6% in August, up from 4.5% in July and above expectations of 4.5%. Full-time employment contracted by 6.3K, while part-time employment expanded by 45.8K, signaling that the labor market strength was concentrated in less secure roles.
The Japanese economy also showed signs of slowing growth, with the preliminary September PMIs pointing to a moderation in private sector momentum. The S&P Global Composite PMI Business Activity Index slipped to 52.5 from August's final 53.5, still signaling expansion but at a slower pace.