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Forex - USD/JPY higher after GDP, Olympics news

Published 09/08/2013, 11:10 PM
Updated 09/08/2013, 11:11 PM
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Investing.com - The U.S. dollar traded higher against the Japanese yen during Monday’s Asian after a bullish revision to Japan’s second-quarter GDP reading.

In Asian trading Monday, USD/JPY climbed 0.47% to 99.59 after earlier trading as high as 100.11. The greenback lost 0.47% against the yen last week. The pair is likely to find support at 98.26, the low of September 2 and resistance at 100.21, Friday’s high.

Earlier Monday, data from the Cabinet Office showed Japan’s second-quarter GDP increased 3.8%, well above the prior estimate of growth of 2.6%. It was the third consecutive quarter of economic growth for the world’s third-largest economy.

The strong GDP report could Prime Minister Shinzo Abe room to pursue a controversial sales tax increase. The government has cited revised GDP data as among key factors in deciding whether to go ahead with lifting the sales tax to 8% from 5% next April, and to 10% in October 2015, Reuters reported. A decision on the tax increase is expected next month.

In a separate report, Ministry of Finance said that Japan’s current account balance was JPY330 billion last month compared with JPY650 billion in the prior month. Analysts expected an August reading of JPY320 billion.

In other Japan news, the International Olympic Committee announced Saturday Tokyo beat out Istanbul and Madrid to host the 2020 Summer Games. It will be the fourth time Japan hosts the Olympics and the second time it has hosted the Summer Olympics.

Elsewhere, AUD/JPY rose 0.54% to 91.59 while NZD/JPY added 0.15% to 79.49.


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