The AUD/JPY cross attracts buyers for the second straight day on Tuesday and climbs to the 99.75-99.80 region during the Asian session, closer to a technically significant 200-day Simple Moving Average (SMA).
The Japanese Yen (JPY) continues to be undermined by comments from Japan's incoming Prime Minister (PM) Shigeru Ishiba, saying that the Bank of Japan's (BoJ) monetary policy must remain accommodative to underpin a fragile economic recovery. Furthermore, Ishiba said on Monday that he intends to call a general election on October 27, which overshadows mostly upbeat Japanese macro data and does little to provide any meaningful impetus to the JPY.
A government report published earlier today showed that Japan's Unemployment rate dropped to 2.5% in August from the 2.7% previous. Separately, a BoJ's Tankan survey indicated that sentiment among Japan's big manufacturers was steady and slight improvement in large non-manufacturers' mood during the third quarter. Meanwhile, BoJ's Summary of Opinions revealed that the central bank will adjust its accommodative stance if economic conditions improve.
The Australian Dollar (AUD), on the other hand, strengthened a bit following the release of domestic Retail Sales, which rose 0.7% in August as compared to a modest 0.1% increase in the previous month. This comes on top of the Reserve Bank of Australia's (RBA) hawkish stance and the optimism over a slew of stimulus measures from China last week, which continues to benefit the Aussie and turns out to be a key factor acting as a tailwind for the AUD/JPY cross.
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