Investing.com - The U.S. dollar traded higher against the Japanese yen during Friday’s Asian session following a pair of Japanese data points and as traders see the potential for a budget agreement in the U.S.
In Asian trading Friday, USD/JPY rose 0.32% to 98.48. The pair was likely to find support at 96.57, Monday's low, and resistance at 98.72, the high from Oct. 1.
Earlier Friday, the Bank of Japan said that country’s corporate goods price index fell to 2.3% last month after an August reading of 2.4%. Analysts expected a September reading of 2.3%.
In a separate report, BoJ said Japan’s M2 money supply was unchanged last month at 3.8%. The August number was revised up to 3.8% from 3.7%. Analysts expected a September reading of 3.7%.
The dollar also got a lift against the yen on hopes that talks will take place and end a government shutdown and avoid defaults sent oil prices rising, as fiscal uncertainties have threatened to slow broader growth, which could crimp demand for fuel and energy.
The U.S. government shutdown, the first since the 1990s, has stretched into an eleventh day, though progress towards a resolution Thursday buoyed hopes policymakers in the world’s largest economy will be able to reach an accord before the October 17 deadline to raise the U.S. debt ceiling.
Policymakers from both parties are expected to meet with President Obama late into Thursday night in the U.S. to hammer out a deal.
In U.S. economic news out Thursday, the Labor Department said U.S. initial jobless claims rose to 374,000 last week, an increase of 66,000 from the previous week's unrevised figure of 308,000.
Elsewhere, AUD/JPY climbed 0.61% to 93.37 while EUR/JPY jumped 0.46% to 133.33.
In Asian trading Friday, USD/JPY rose 0.32% to 98.48. The pair was likely to find support at 96.57, Monday's low, and resistance at 98.72, the high from Oct. 1.
Earlier Friday, the Bank of Japan said that country’s corporate goods price index fell to 2.3% last month after an August reading of 2.4%. Analysts expected a September reading of 2.3%.
In a separate report, BoJ said Japan’s M2 money supply was unchanged last month at 3.8%. The August number was revised up to 3.8% from 3.7%. Analysts expected a September reading of 3.7%.
The dollar also got a lift against the yen on hopes that talks will take place and end a government shutdown and avoid defaults sent oil prices rising, as fiscal uncertainties have threatened to slow broader growth, which could crimp demand for fuel and energy.
The U.S. government shutdown, the first since the 1990s, has stretched into an eleventh day, though progress towards a resolution Thursday buoyed hopes policymakers in the world’s largest economy will be able to reach an accord before the October 17 deadline to raise the U.S. debt ceiling.
Policymakers from both parties are expected to meet with President Obama late into Thursday night in the U.S. to hammer out a deal.
In U.S. economic news out Thursday, the Labor Department said U.S. initial jobless claims rose to 374,000 last week, an increase of 66,000 from the previous week's unrevised figure of 308,000.
Elsewhere, AUD/JPY climbed 0.61% to 93.37 while EUR/JPY jumped 0.46% to 133.33.