Investing.com - 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
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
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.
Read more News on Investing.com or Follow us on Twitter at @