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Forex - USD/JPY lower after Japanese data points

Posted: 10/28/2013 10:46:00 PM
Referenced Stocks: - " The U.S. dollar traded slightly lower against the Japanese yen during Tuesday's Asian session following the release of data points that suggest Japanese consumers are pensive ahead of the implementation of a consumption tax.

In Asian trading Tuesday, USD/JPY fell 0.06% to 97.63. The pair is likely to find support at 96.66, the low of October 7 and resistance at 98.00.

Earlier Tuesday, Japan's Statistic Bureau said the country's unemployment rate fell to 4% last month from 4.1% in August. Economists expected a reading of 4% for September.

In a separate report, the Statistics Bureau said household spending in the world's third-largest economy rose 3.7% in September after falling 1.6% in August. Analysts expected a September increase of just 0.5%.

In another report, the Ministry of Economy Trade and Industry said that Japanese retail sales rose 3.1% in September after rising 1.1% in August. Analysts expected an increase of 1.9% last month.

Some market observers believe the retail sales and household spending numbers shot up last month ahead of the implementation of controversial consumption tax in Japan.

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.

Elsewhere, AUD/JPY dropped 0.48% to 93.08 after Reserve Bank of Australia Governor Glenn Stevens said the Aussie has room to decline.

NZD/JPY lost 0.31% to 80.86. offers an extensive set of professional tools for the financial markets.
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