Investing.com - The U.S. dollar rose to eight-day highs against the yen on Friday, as hopes that a U.S. debt deal is about to be concluded supported demand for the greenback.
USD/JPY hit 98.56 during early European trade, the pair's highest since October 1; the pair subsequently consolidated at 98.41, rising 0.26%.
The pair was likely to find support at 97.47, Thursday's low and resistance at 98.98, the high of September 27.
No deal emerged after a 90-minute meeting between President Barack Obama and Republican leaders on Thursday, but talks continued into the night in an effort to reopen the government and avoid a possible U.S. debt default.
U.S. Treasury Secretary Jack Lew reiterated Thursday that the U.S. will reach its debt ceiling on October 17 and warned that the political crisis is starting to hurt the economy. The comments came during testimony to the Senate finance committee.
The greenback also remained mildly supported after the minutes from the Federal Reserve's September meeting said the decision not to begin tapering stimulus was a "close call," fuelling expectations that the bank will begin to roll back bond purchases in the next few months.
Earlier Friday, Japan Minister of Economy Akira Amari urged U.S. politicians to show some responsibility, saying that if the current shutdown was allowed to continue, the U.S. could default on its debt.
The yen was lower against the euro with EUR/JPY gaining 0.38%, to hit 133.23.
Later in the day, the University of Michigan was to release preliminary data on consumer sentiment.
USD/JPY hit 98.56 during early European trade, the pair's highest since October 1; the pair subsequently consolidated at 98.41, rising 0.26%.
The pair was likely to find support at 97.47, Thursday's low and resistance at 98.98, the high of September 27.
No deal emerged after a 90-minute meeting between President Barack Obama and Republican leaders on Thursday, but talks continued into the night in an effort to reopen the government and avoid a possible U.S. debt default.
U.S. Treasury Secretary Jack Lew reiterated Thursday that the U.S. will reach its debt ceiling on October 17 and warned that the political crisis is starting to hurt the economy. The comments came during testimony to the Senate finance committee.
The greenback also remained mildly supported after the minutes from the Federal Reserve's September meeting said the decision not to begin tapering stimulus was a "close call," fuelling expectations that the bank will begin to roll back bond purchases in the next few months.
Earlier Friday, Japan Minister of Economy Akira Amari urged U.S. politicians to show some responsibility, saying that if the current shutdown was allowed to continue, the U.S. could default on its debt.
The yen was lower against the euro with EUR/JPY gaining 0.38%, to hit 133.23.
Later in the day, the University of Michigan was to release preliminary data on consumer sentiment.