EUR/JPY REVIEW: created by import-candles on 2026-10-23 from Monorex history (digits 3 map); check digits/point_size/pip_size, then activate. Euro vs Japanese Yen

Japan’s manufacturing PMI fell to 53.3 in October from 54.1, a seven-month low, InvestingLive reports from S&P Global’s survey. Semiconductor demand kept orders and output growing, but both lost momentum. Input-cost inflation accelerated for the first time in five months, while factory-gate price inflation eased. Strong hiring and faster-growing backlogs complicate the slowdown: factories still face capacity pressure, rather than a broad collapse in demand.

Italian inflation accelerated to +5.4% in October from +4.2%, Istat’s preliminary estimates show. Prices rose +0.9% from September. Energy drove much of the acceleration, with regulated energy prices up +59.5% over the year. Goods inflation reached +7.5%, while services rose +2.9%. The harmonised measure climbed to +5.6% annually. The figures remain provisional.

Euro-area GDP grew 0.4% in the third quarter, above the 0.2% forecast but slower than the previous quarter’s 0.6%, InvestingLive reports. The expansion was uneven: Germany grew 0.2%, Italy stalled and France contracted 0.1%. Ireland’s 5.5% surge was driven by multinational-dominated industries. Justin Low cautions that the headline surprise masks a fragile growth picture as higher energy costs pressure the region.

InvestingLive reports that French consumer confidence fell to 80 in October, below 85 expected, with the prior reading revised from 86 to 85. It describes the level as the lowest since 2013. Households reported worsening personal finances and living standards, while unemployment fears increased. The future-price balance rose to -7 points. These are survey measures of household sentiment and expectations, rather than observed unemployment or inflation rates.

The ECB’s October lending survey reports tighter third-quarter credit standards for firms and consumer credit, while housing standards were unchanged. The net share reporting tighter business standards was 9%; the net balance reporting changes in business-loan demand was -6%. Higher interest rates were the main drag on demand. Banks expected further tightening in the fourth quarter and weaker housing and consumer borrowing, while several anticipated growing demand to finance AI infrastructure.

The Bank of Japan’s preliminary September release shows services producer prices rising 3.7% from a year earlier, compared with a revised 3.5% in August. Prices increased 0.3% on the month. Excluding international transportation, annual inflation was unchanged at 2.9%. Ocean freight and hotels contributed to the headline acceleration, while advertising offset part of it. The release reports producer prices and supplies no interest-rate decision or currency forecast.