Investing.com - The U.S. dollar continues to climb against the Japanese yen in Monday’s Asian session, extending last week’s bullish performance that took the greenback to its highest levels in nearly four years against the Japanese currency.
In Asian trading Monday, USD/JPY rose 0.11% to 96.16. The pair was likely to find support at 92.92, Tuesday’s low, and resistance at 96.56, Friday’s high.
The yen lost ground against the dollar after the Economic and Social Research Institute said that Japan’s Core Machinery Orders slid to -13.1% in February from 2.8% in January. Analysts expected a February decline to -2%.
In a separate report, the Bank of Japan said Japan’s M2 money supply unexpectedly increased in February to a seasonally adjusted 2.9% from 2.7% in January. Analysts expected the February reading to be flat with January’s.
On Tuesday, BoJ releases minutes from its latest monetary policy meeting, which concluded last week.
Traders are also pushing the dollar higher against the yen on hopes that BoJ will soon approve new easing measures that will immediately go into effect. Earlier this year, BoJ approved new asset buying, but said that the plan would not go into effect until 2014.
The central bank’s next meeting is scheduled for early April. Presumably that will be the first BoJ meeting with Haruhiko Kuroda as governor. Kuroda’s nomination to lead BoJ has lead to increased speculation BoJ will act to further weaken the yen in the near-term.
Elsewhere, AUD/JPY is off 0.03% at 98.29. The Aussie touched a record high against the yen late last week. EUR/JPY rose 0.13% to 125.00 while NZD/JPY climbed 0.20% to 79.06.
In Asian trading Monday, USD/JPY rose 0.11% to 96.16. The pair was likely to find support at 92.92, Tuesday’s low, and resistance at 96.56, Friday’s high.
The yen lost ground against the dollar after the Economic and Social Research Institute said that Japan’s Core Machinery Orders slid to -13.1% in February from 2.8% in January. Analysts expected a February decline to -2%.
In a separate report, the Bank of Japan said Japan’s M2 money supply unexpectedly increased in February to a seasonally adjusted 2.9% from 2.7% in January. Analysts expected the February reading to be flat with January’s.
On Tuesday, BoJ releases minutes from its latest monetary policy meeting, which concluded last week.
Traders are also pushing the dollar higher against the yen on hopes that BoJ will soon approve new easing measures that will immediately go into effect. Earlier this year, BoJ approved new asset buying, but said that the plan would not go into effect until 2014.
The central bank’s next meeting is scheduled for early April. Presumably that will be the first BoJ meeting with Haruhiko Kuroda as governor. Kuroda’s nomination to lead BoJ has lead to increased speculation BoJ will act to further weaken the yen in the near-term.
Elsewhere, AUD/JPY is off 0.03% at 98.29. The Aussie touched a record high against the yen late last week. EUR/JPY rose 0.13% to 125.00 while NZD/JPY climbed 0.20% to 79.06.