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Forex - USD/JPY slips to daily low but losses limited

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Forex Pros - The U.S. dollar slipped to a daily low against the yen on Wednesday, but remained supported by expectations for yen selling associated with the acquisitions of overseas firms by Japanese companies.

USD/JPY hit 80.98 during European trade, the daily low; the pair subsequently consolidated at 81.08, slipping 0.39%.

The pair was likely to find support at 80.33, the low of May 13 and short-term resistance at 81.76, Tuesday's high and a 13-day high.

Japan's Toshiba Corp was reported to be close to closing a deal to buy Swiss-based meter maker Landis+Gyr for about USD2.5 billion.

Separately, the Nikkei financial daily reported earlier that Takeda Pharmaceutical was reach an agreement with Swiss-based Nycomed later in the day to acquire the company for about JPY 1 trillion.

The yen was also higher against the euro, with EUR/JPY shedding 0.14% to hit 115.72.

Also Wednesday, official data showed that Japan's tertiary industry index plunged 6.0% in March, the sharpest fall in 22 years, after the March 11 disaster destroyed infrastructure and businesses in the northeast and virtually halted all nonessential economic activities nationwide.

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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.


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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