Forex - USD/JPY higher following BoJ minutes

A A A - The U.S. dollar is continuing its impressive run against the Japanese yen again today following the release of several Japanese economic reports.

In Asian trading Tuesday, USD/JPY advanced 0.31% to 96.59 after earlier trading as high as 96.72. That took the pair past old resistance at 96.56. Support can be found at 95.05, the low from Aug. 13, 2009. The yen swooned against the greenback following several Japanese data points.

In a report, Japan's Ministry of Finance said the country's Business Index Survey unexpectedly rose in the fourth quarter to a seasonally adjusted annual rate of -4.6, from -10.3 in the third quarter. Analysts expected a fourth-quarter reading of -6.2.

In a separate report, Bank of Japan said that Japan's Corporate Goods Price Index rose to a seasonally adjusted annual rate of -0.1% in February from -0.2% in January. That was inline with analysts' expectations.

Another report issued by METI said that Japanese tertiary industry activity index fell to a seasonally adjusted -1.1% in February from 1.4% in the prior month. Analysts expected the index to fall to -0.1% last month.

Perhaps even more important than those data points was the release of minutes from BoJ's latest monetary policy meeting, which concluded last week. Those minutes gave traders reason to believe more monetary easing could be imminent from the central bank.

Additionally, BoJ deputy governor nominee Kikuo Iwata said before parliament that more monetary easing is needed. Those comments follow remarks made by Haruhiko Kuroda, the nominee to be the next BoJ governor, made on Monday where he said the bank's current asset-buying program is not enough to reach Japan's desired 2% rate of inflation.

Elsewhere, AUD/JPY jumped 0.55% to another new record at 99.53. EUR/JPY gained 0.20% to 125.89. GBP/JPY rose 0.25% to 143.99. - offers an extensive set of professional tools for the Forex, Commodities, Futures and the Stock Market including real-time data streaming, a comprehensive economic calendar, as well as financial news and technical & fundamental analysis by in-house experts.
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This article appears in: Investing , Forex and Currencies

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