Weaker Yen Ahead as Japan Spending Data Disappoints

The Japanese yen remained near its weekly low against the US dollar on Friday due to disappointing household spending data in Japan.

According to data from the Ministry of Internal Affairs and Communications, Japan's household spending fell 0.4% month-on-month in May, missing market forecasts of a 0.2% rise.

The weak reading adds to concerns about the durability of Japan's economic recovery and complicates the Bank of Japan's (BoJ) efforts to normalize monetary policy.

Investors are now awaiting the US nonfarm payrolls report for June, due later today, which could significantly alter expectations for Federal Reserve interest rate decisions.