The situation in the Japanese labor market seems to have deteriorated. The rate of unemployment increased in August. The job availability index also showed some weakness during the reporting period according to official reports.
With a glance at seasonality, the rate of unemployment increased by 4.1%, thereby slightly exceeding analyst expectations (3.8%). The ratio between claims and vacancies increased a little as well – form 0.94 up to 0.95.
Still, the amount of new vacancies increased by 1% in August 2013 as compared to last year’s figures. The growth ratio yields to July’s figures – 4.3% (y/y).
The amount of the employed reached 63.1 million people, which is 0.5% (290 000 people) more than in August 2012.
Forex
Meanwhile, the Japanese Yen keeps strengthening. USDJPY is developing wave 3/C of level hH6, Masterforex-V Academy reports. At this point, the currency pair is completing sub-wave 3/C. The key level of support is 96.81. The current bearish move will be completed as soon as the price overcomes the top of the MF sloping channel and consolidates above 98.72 (as shown below).
