Investing.com - " The U.S. dollar traded higher against the
Japanese yen during Monday's Asian session after a Bank of Japan
member reiterated the central bank's commitment to its massive
quantitative easing initiative.
In Asian trading Monday, USD/JPY rose 0.20% to 97.60. After falling
0.82% last week, the pair is likely to find support at 96.66, the
low of October 7 and resistance at 98.00.
On Sunday, BoJ Deputy Governor Kikuo Iwata reiterated the central
bank's commitment to large-scale easing until it reaches its
desired inflation target of 2%. The country's monetary and fiscal
policies are at a critical point for ending deflation, Iwata said
in a speech given in Western Japan, Bloomberg reported.
Among other central bank events on this week's schedule, BoJ meets
on October 31. On Tuesday, Reserve Bank of Australia Governor Glenn
Stevens is scheduled to speak.
Tuesday is also when the Federal Reserve kicks-off a two-day
meeting. Later Monday, Bank of England Chief Economist is scheduled
to give remarks in London.
Analysts surveyed by Bloomberg expect USD/JPY to finish this year
around 100 before rising to 110 next year.
The yen is off about 11% this year, making it the worst performer
among the G-10 currencies. Later Monday, the U.S. is to produce
reports on industrial production and the capacity utilization rate,
as well as private sector data on pending home sales.
Elsewhere, AUD/JPY rose 0.47% to 93.80 while EUR/JPY gained 0.23%
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