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Forex - USD/JPY slightly lower after Japanese data

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Investing.com - The U.S. dollar traded slightly lower against the Japanese yen during Friday's Asian session following a pair of Japanese data points.

In Asian trading, USD/JPY fell 0.11% to 96.61. The pair was likely to find support at 96.19, the low of June 19 and resistance at 97.80, the session high.

Earlier Thursday, the Bank of Japan said that Japan's M2 money supply 3.7% last month from 3.8% in June. Analysts expected the M2 money supply to remain unchanged at 3.8% for July.

In a separate report, METI said that Japan's tertiary industry activity index fell to -0.3% last month from 1.3% in June. Analysts had expected Japanese tertiary industry activity index to fall -0.2% last month.

On Thursday, BoJ, as stood pat on its massive quantitative easing regime. However, the central bank attempted to hearten to skittish investors and markets by saying the outlook for the world's third-largest economy is strong.

BoJ also said "early signs of rising prices were good news for its efforts to hit a 2% inflation target within two years," according to a report by the New York Times.

Elsewhere, Japan said it will cut USD83 billion from its government budget over the next two years to reduce the nation's debt burden just days after the International Monetary Fund chided Japan over its hazardous borrowing habits.

Japan has a JPY93 trillion yen annual budget, of which 40% is reportedly financed through borrowing. "It is extremely important for the government to clarify the path of fiscal rehabilitation and to move ahead with fiscal and structural reforms," BoJ chief Haruhiko Kuroda said.

Meanwhile, EUR/JPY fell 0.16% to 129.22. AUD/JPY inched up 0.01% to 88.01.

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The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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