Investing.com - The U.S. dollar moved higher against the Japanese yen again during Monday’s Asian and put the psychologically important 100 level in play once again.
In Asian trading Monday, USD/JPY added 0.32% to 99.86 after earlier trading as high as 99.89. The pair is likely to find support at 98.09, Friday’s low and resistance at the 100 level. The yen traded lower after Japan escaped overt criticism at the G-20 meeting last week for allowing the currency to plunge.
Japan’s Finance Minister Taro Aso said that the Bank of Japan’s unprecedented easing program is aimed at achieving price stability and economic recovery and was in line with the G-20’s February agreement.
The statement eased concerns that Japan would face criticism after it announced earlier this month that it plans to double the size of its asset purchase program over the next two years.
"Japan's recent policy actions are intended to stop deflation and support domestic demand," the G-20 said.
Last Thursday, International Monetary Fund Director Christine Lagarde praised the Bank of Japan’s recently unveiled monetary stimulus efforts, but added the world’s third-largest economy needs to do more to reduce debt and bolster its domestic economy.
BoJ issues its next policy statement on April. The yen has slid 5.6% in the spot market in just the past month, easily making it the worst-performing developed market currency over that time.
Meanwhile, EUR/JPY added 0.50% to 130.57 after rallying 2.72% last week. AUD/JPY advanced 0.51% to 102.85 while NZD/JPY jumped 0.68% to 84.38. In fact, the yen traded lower against all of its major rivals Monday in Asia.
In Asian trading Monday, USD/JPY added 0.32% to 99.86 after earlier trading as high as 99.89. The pair is likely to find support at 98.09, Friday’s low and resistance at the 100 level. The yen traded lower after Japan escaped overt criticism at the G-20 meeting last week for allowing the currency to plunge.
Japan’s Finance Minister Taro Aso said that the Bank of Japan’s unprecedented easing program is aimed at achieving price stability and economic recovery and was in line with the G-20’s February agreement.
The statement eased concerns that Japan would face criticism after it announced earlier this month that it plans to double the size of its asset purchase program over the next two years.
"Japan's recent policy actions are intended to stop deflation and support domestic demand," the G-20 said.
Last Thursday, International Monetary Fund Director Christine Lagarde praised the Bank of Japan’s recently unveiled monetary stimulus efforts, but added the world’s third-largest economy needs to do more to reduce debt and bolster its domestic economy.
BoJ issues its next policy statement on April. The yen has slid 5.6% in the spot market in just the past month, easily making it the worst-performing developed market currency over that time.
Meanwhile, EUR/JPY added 0.50% to 130.57 after rallying 2.72% last week. AUD/JPY advanced 0.51% to 102.85 while NZD/JPY jumped 0.68% to 84.38. In fact, the yen traded lower against all of its major rivals Monday in Asia.