The Japanese yen is again trading higher against the U.S. dollar a day
before Bank of Japan Governor Governor Haruhiko Kuroda presides over his
first monetary policy meeting.
In Asian trading Tuesday, USD/JPY is down 0.23% at 93.03. The pair was likely to find resistance at 94.38, the earlier high, and support at 92.92, the low from March 5.
The yen rose against the greenback Monday after BoJ said that Tankan Manufacturing index rose to a seasonally adjusted -8 in the first quarter from -12 in the fourth quarter. Analysts expected a first-quarter reading of -7.
In another report, the central bank said that Japan’s Tankan large non-manufacturing index rose to a seasonally adjusted 6 in March from 4 in February. Analysts expected a March reading of 8.
The yen’s rise of Kuroda’s first meeting as leader of BoJ may come as a surprise to some because traders have widely expected that Kuroda’s first monetary policy would bring about additional stimulus measures that could be implemented in the near-term.
Kuroda, a vocal critic of BoJ’s previous leadership, has recently said he will do everything in his power to help Japan reach Prime Minister Shinzo Abe’s desired rate of inflation of 2%. The Japanese currency is down more than 4% in the past 90 days, making it one of the worst-performing developed market currencies over that time.
Elsewhere, EUR/JPY is down 0.07% at 119.74 as the yen continues to hover near four-month highs against the euro.
AUD/JPY is higher by 0.04% at 97.23 ahead of the start of the Reserve Bank of Australia meeting later today. NZD/JPY is down 0.03% at 78.03
In Asian trading Tuesday, USD/JPY is down 0.23% at 93.03. The pair was likely to find resistance at 94.38, the earlier high, and support at 92.92, the low from March 5.
The yen rose against the greenback Monday after BoJ said that Tankan Manufacturing index rose to a seasonally adjusted -8 in the first quarter from -12 in the fourth quarter. Analysts expected a first-quarter reading of -7.
In another report, the central bank said that Japan’s Tankan large non-manufacturing index rose to a seasonally adjusted 6 in March from 4 in February. Analysts expected a March reading of 8.
The yen’s rise of Kuroda’s first meeting as leader of BoJ may come as a surprise to some because traders have widely expected that Kuroda’s first monetary policy would bring about additional stimulus measures that could be implemented in the near-term.
Kuroda, a vocal critic of BoJ’s previous leadership, has recently said he will do everything in his power to help Japan reach Prime Minister Shinzo Abe’s desired rate of inflation of 2%. The Japanese currency is down more than 4% in the past 90 days, making it one of the worst-performing developed market currencies over that time.
Elsewhere, EUR/JPY is down 0.07% at 119.74 as the yen continues to hover near four-month highs against the euro.
AUD/JPY is higher by 0.04% at 97.23 ahead of the start of the Reserve Bank of Australia meeting later today. NZD/JPY is down 0.03% at 78.03
