Investing.com - The Japanese yen is trading slightly higher
against the U.S. dollar during Friday's Asian after Japan's lower
house of parliament approved the nomination of Haruhiko Kuroda as
the next governor of the Bank of Japan.
In Asian trading Friday, USD/JPY fell 0.07% to 96.05. The pair was
likely to find resistance at 96.72, Monday's high, and support at
95.45, Wednesday's low.
Kuroda's approval as BoJ's next governor was widely expected though
it is worth noting that the former Asian Development Bank leader
was also one of the most vocal critics of the outgoing BoJ regime.
Kuroda publicly said the central bank has not done enough to raise
inflation and weaken the yen.
Japan's House of Councillors is expected to approve Kuroda on
Friday. Prime Minister Shinzo Abe's Liberal Democratic Party holds
a majority in Japan's lower house of parliament, making Kuroda's
approval somewhat of a foregone conclusion.
The Democratic Party of Japan and Nippon Ishin no Ka opposition
parties voted in favor of Kuroda, but the Your Party did not. Your
Party leader Yoshimi Watanabe wanted to see a BoJ lead from the
private sector, according to Japanese press reports.
Kuroda must go before parliament again where the Democratic Party
of Japan could change its tune, but market participants see that as
an empty threat from a party still smarting from losses in
Traders widely expect Kuroda to engage in aggressive efforts to
boost Japanese inflation to 2% and weaken the yen through
additional easing, which could arrive as soon as BoJ's next meeting
in early April.
Elsewhere, EUR/JPY rose 0.01% to 125.01 while AUD/JPY fell 0.23% to
99.59. NZD/JPY slipped 0.27% to 78.84.
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