In Japan, Housing Starts YoY measures the year-on-year change in the volume of new housing construction started. This indicator reflects the health of the housing market and can provide insight into economic activity and consumer confidence, as increased housing starts often signal growth in the construction sector and related industries.
A higher than expected figure should be seen as positive (bullish) for the JPY while a lower than expected figure should be seen as negative (bearish) for the JPY.