Investing.com - Financial Markets Worldwide
🔮 Better than the Oracle? Our Fair Value found this +42% bagger 5 months before Buffett bought itRead More

Forex - USD/JPY slightly lower ahead of BoJ meeting

Published 09/04/2013, 10:54 PM
Updated 09/04/2013, 10:55 PM
USD/JPY
-
EUR/JPY
-
AUD/JPY
-
NZD/JPY
-

Investing.com - The U.S. dollar traded modestly lower against the Japanese yen during Thursday’s Asian session ahead of monetary policy comments from the Bank of Japan.

In Asian trading Thursday, USD/JPY inched down 0.04% to 99.72. The pair was likely to find support at 99.16, Tuesday’s low and resistance at 100.44, the high of July 25.

Traders are not expecting BoJ to provide much in the way of surprises. The central bank launched a massive monetary stimulus effort in April. The central bank will announce its decision after 0330 GMT and Governor Haruhiko Kuroda will give a media briefing at 0630 GMT.

The most recent batch of economic data out of the world’s third-largest economy has been solid enough to indicate that Abenomics is working and working well enough that Prime Minister Shinzo Abe can push through his proposed consumption tax.

Twenty-two of 32 economists surveyed by Bloomberg News expect a large and negative impact on financial markets should the government postpone its plans of raising the sales tax from April next year, according to the news agency.

While yen bears have become accustomed to easing and may have to live without additional stimulus measures for the near-term, observers of BoJ expect the central bank will roll out fresh easing measures in 2014 in effort to achieve Abe’s goal of 2% inflation within two years.

Elsewhere, AUD/JPY fell 0.09% to 91.42 after the Australian Bureau of Statistics said that Australia’s trade balance fell to AUD-770 million last month from AUD240 million in July. The July reading was revised lower from AUD600 million. Analysts expected an August reading of AUD50 million.

EUR/JPY dropped 0.13% to 131.56 while NZD/JPY fell 0.10% to 78.78.


Latest comments

Install Our App
Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.