Investing.com - The U.S. dollar traded slightly lower against the Japanese yen during Wednesday’s Asian session following the release of Japan services sector purchasing managers index data for August.
In Asian trading Wednesday, USD/JPY inched down 0.03% to 99.55. The pair was likely to find support at 98.26, Monday’s low and resistance at 99.93, the high of August 2.
Japan’s business activity index rose to rose from 50.6 in July to 51.2 in August. "The latest increase marked the tenth successive reading above the 50.0 no-change mark. This was the longest period of sustained growth ever recorded in this series, which began in September 2007. Anecdotal evidence suggested that higher volumes of new orders was the key driver of the expansion," according to a release by Markit.
Markit added: "The modest recovery of growth evident in the service sector was complemented by the manufacturing industry data, as goods producers recorded the fastest rise in output since February 2011. As a result, the Composite Output Index rose from July’s reading of 50.7 to a level of 51.9 in August."
Meanwhile, Japanese Prime Minister Shinzo Abe said he will assure his G20 counterparts at a meeting later this week that his country is pursuing a path of economic expansion and fiscal discipline. G20 leaders meet in Russia on Thursday and Friday.
Elsewhere, AUD/JPY rose 0.29% to 90.50 after the Australian Bureau of Statistics said that Australia’s second-quarter GDP grew 0.6% compared with first-quarter growth of 0.5%. The first-quarter number was revised down from growht of 0.6%. Analysts expected second-quarter growth of 0.6%.
EUR/JPY fell 0.08% to 131.07.
In Asian trading Wednesday, USD/JPY inched down 0.03% to 99.55. The pair was likely to find support at 98.26, Monday’s low and resistance at 99.93, the high of August 2.
Japan’s business activity index rose to rose from 50.6 in July to 51.2 in August. "The latest increase marked the tenth successive reading above the 50.0 no-change mark. This was the longest period of sustained growth ever recorded in this series, which began in September 2007. Anecdotal evidence suggested that higher volumes of new orders was the key driver of the expansion," according to a release by Markit.
Markit added: "The modest recovery of growth evident in the service sector was complemented by the manufacturing industry data, as goods producers recorded the fastest rise in output since February 2011. As a result, the Composite Output Index rose from July’s reading of 50.7 to a level of 51.9 in August."
Meanwhile, Japanese Prime Minister Shinzo Abe said he will assure his G20 counterparts at a meeting later this week that his country is pursuing a path of economic expansion and fiscal discipline. G20 leaders meet in Russia on Thursday and Friday.
Elsewhere, AUD/JPY rose 0.29% to 90.50 after the Australian Bureau of Statistics said that Australia’s second-quarter GDP grew 0.6% compared with first-quarter growth of 0.5%. The first-quarter number was revised down from growht of 0.6%. Analysts expected second-quarter growth of 0.6%.
EUR/JPY fell 0.08% to 131.07.