Investing.com - The U.S. dollar edged down against the yen on Friday, but remained near six-month highs after the release of mixed Japanese data and amid growing expectations for the Bank of Japan will keep or even enhance its monetary stimulus policy.
USD/JPY hit 102.12 during late Asian trade, the session low; the pair subsequently consolidated at 102.23, edging down 0.07%.
The pair was likely to find support at 101.24, Wednesday's low and resistance at 103.56, the high of May 23.
Official data earlier showed that household spending in Japan rose at an annualized rate of 0.9% in October, in line with expectations, after a 3.7% increase the previous month.
A separate report showed that Tokyo's core consumer inflation, which excludes fresh food, rose at an annualized rate of 0.6% this month, exceeding expectations for a 0.4% increase, after a 0.3% rise in October.
In addition, preliminary government data showed that industrial production in Japan rose 0.5% last month, below expectations for a 2% increase, after a 1.3% gain in September.
Meanwhile, the yen remained under pressure amid expectations that the BoJ will expand its monetary stimulus program in the coming months in order to meet its target of 2% inflation by 2015.
On Wednesday, BoJ board member Sayuri Shirai raised doubts over whether the inflation target can be met because of downside risks to growth, adding that the bank was open to taking further steps if growth slows.
The yen was trading near five-year lows against the euro, with EUR/JPY easing 0.05% to 139.09.
USD/JPY hit 102.12 during late Asian trade, the session low; the pair subsequently consolidated at 102.23, edging down 0.07%.
The pair was likely to find support at 101.24, Wednesday's low and resistance at 103.56, the high of May 23.
Official data earlier showed that household spending in Japan rose at an annualized rate of 0.9% in October, in line with expectations, after a 3.7% increase the previous month.
A separate report showed that Tokyo's core consumer inflation, which excludes fresh food, rose at an annualized rate of 0.6% this month, exceeding expectations for a 0.4% increase, after a 0.3% rise in October.
In addition, preliminary government data showed that industrial production in Japan rose 0.5% last month, below expectations for a 2% increase, after a 1.3% gain in September.
Meanwhile, the yen remained under pressure amid expectations that the BoJ will expand its monetary stimulus program in the coming months in order to meet its target of 2% inflation by 2015.
On Wednesday, BoJ board member Sayuri Shirai raised doubts over whether the inflation target can be met because of downside risks to growth, adding that the bank was open to taking further steps if growth slows.
The yen was trading near five-year lows against the euro, with EUR/JPY easing 0.05% to 139.09.