Investing.com - The U.S. dollar traded modestly lower against the Japanese yen during Tuesday’s Asian session following the release of minutes from the Bank of Japan’s most recent policy meeting.
In Asian trading Tuesday, USD/JPY inched down 0.03% to 99.56. The pair was likely to find support at 98.55, Friday's low, and resistance at 100.23, Thursday's high.
"Many members expressed recognition that it was also important that the credibility of fiscal management be maintained in order to ensure the stability of interest rates, and they therefore expected to government to steadily promote measures aimed at achieving fiscal consolidation," according to the summary of conclusions posted by BoJ.
At last month's meeting, the central bank's nine board members agreed unanimously to stick to the current easing program, which aims to double the BOJ's money supply to generate 2% inflation in two years, Dow Jones reported.
Earlier Tuesday, BoJ said that Japan’s M2 money stock was unchanged last month at 3.7%. Analysts expected a modest increase to 3.8%.
In a separate report, METI said that Japan’s tertiary industry activity index fell to -0.4% in August from -0.5% in July. The July number was revised lower from -0.3%. Analysts had expected Japanese tertiary industry activity index to fall -0.4% last month.
Those data points came a day after Japan said its economy grew at an annualized 3.8% percent from the first quarter, higher than an initial estimate of 2.6%.
Over the weekend, the Japan was awarded the 2020 Summer Olympics, which mark the fourth time the country has hosted the Olympics.
Elsewhere, EUR/JPY inched up 0.01% to 132.00 while AUD/JPY rose 0.20% to 92.08.
In Asian trading Tuesday, USD/JPY inched down 0.03% to 99.56. The pair was likely to find support at 98.55, Friday's low, and resistance at 100.23, Thursday's high.
"Many members expressed recognition that it was also important that the credibility of fiscal management be maintained in order to ensure the stability of interest rates, and they therefore expected to government to steadily promote measures aimed at achieving fiscal consolidation," according to the summary of conclusions posted by BoJ.
At last month's meeting, the central bank's nine board members agreed unanimously to stick to the current easing program, which aims to double the BOJ's money supply to generate 2% inflation in two years, Dow Jones reported.
Earlier Tuesday, BoJ said that Japan’s M2 money stock was unchanged last month at 3.7%. Analysts expected a modest increase to 3.8%.
In a separate report, METI said that Japan’s tertiary industry activity index fell to -0.4% in August from -0.5% in July. The July number was revised lower from -0.3%. Analysts had expected Japanese tertiary industry activity index to fall -0.4% last month.
Those data points came a day after Japan said its economy grew at an annualized 3.8% percent from the first quarter, higher than an initial estimate of 2.6%.
Over the weekend, the Japan was awarded the 2020 Summer Olympics, which mark the fourth time the country has hosted the Olympics.
Elsewhere, EUR/JPY inched up 0.01% to 132.00 while AUD/JPY rose 0.20% to 92.08.