Investing.com - The dollar regained some ground against the yen
on Wednesday, after dropping to three-week lows in the previous
session after the Bank of Japan indicated that it was unlikely to
implement further stimulus measures in the short term.
USD/JPY was last up 0.21% to 102.02, after falling more than 1%
on Tuesday, touching lows of 101.54, the weakest level since March
The pair was likely to find support at 101.76, the session low
and resistance at 102.40.
The yen strengthened broadly on Tuesday after BoJ Governor
Haruhiko Kuroda said the economy can weather a sales tax increase
without further monetary policy measures to offset it. He added
that growth and inflation were likely to continue to pick up in the
The euro also pushed higher against the yen, with EUR/JPY rising
0.13% to 140.66, up from Tuesday's lows of 140.07.
The single currency continued to remain supported as recent
comments by senior European Central Bank officials indicated that
there is no urgent need for quantitative easing to stave off the
threat of deflation in the region.
On Tuesday, the International Monetary Fund said the ECB should
consider all unconventional measures, including quantitative
easing, and should implement them as soon as they are ready.
Elsewhere, the euro edged lower against the dollar, with EUR/USD
dipping 0.11% to 1.3781.
Investors were looking ahead to the minutes of the Federal
Reserve's March meeting due out later in the trading day, after
last week's U.S. payrolls report came in slightly below
expectations. Fed Chair Janet Yellen said recently that slack in
labor markets showed accommodative policies will still be needed
for some time.
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