Release Explanation: The all industry activity index is posted monthly as a percentage change from the previous month's figure. It evaluates the monthly change in overall production by all sectors of the Japanese economy. The index closely follows Japanese GDP and overall growth figures, providing insight into current levels of Japanese economic expansion.

Trade Desk Thoughts: The Japanese all industry activity index came in at negative 1.7 percent for the month when compared to the previous month. The index fell less than the expected 2.0 percent economists had expected. The decrease was led by a drop in the industrial production index by 11.3 percent while the services sector increased 0.4 percent.

Forex Technical Reaction: The yen has not reacted significantly to this release after the dramatic drop from the FOMC meeting earlier in the day. The pair is currently trading below the neutral pivot point.