Investing.com - The dollar shot up against the yen on Thursday after Japan's deputy economy minister said his government would not feel uncomfortable with a much weaker yen.
In U.S. trading on Thursday, USD/JPY was trading at 90.01, up 1.56%, up from a session low of 88.42 and off a high of 90.14.
The pair was likely to find support at 88.06, Wednesday's low, and resistance at 90.25, the high from Jan. 20.
Earlier Thursday, Japan's Deputy Economy Minister Yasutoshi Nishimura said a USD/JPY exchange rate of 100 would not cause major concerns to the government, which sent the Japanese currency plunging.
Prime Minister Shinzo Abe has made repeated calls for looser monetary policy and greater tolerance for inflation as part of more pro-growth economic strategies.
Earlier this week, the Bank of Japan said it would start open-ended asset purchases from banks to stimulate the economy but not until 2014.
Meanwhile in the U.S. earlier, the Department of Labor reported the number of people who filed for new unemployment claims last week fell to the lowest level since January 2008.
The number of individuals filing for initial jobless benefits fell by 5,000 to 330,000, compared to expectations for an increase of 20,000 to 355,000. Jobless claims for the preceding week stood at 335,000 people.
Elsewhere, the yen was down against the pound and down against the euro, with GBP/JPY up 1.18% and trading at 142.09 and EUR/JPY trading up 1.96% at 120.34.
On Friday, Japan is to release government data on consumer inflation, which accounts for the majority of overall inflation. Meanwhile, the Bank of Japan is to publish the minutes of its most recent policy meeting.
In U.S. trading on Thursday, USD/JPY was trading at 90.01, up 1.56%, up from a session low of 88.42 and off a high of 90.14.
The pair was likely to find support at 88.06, Wednesday's low, and resistance at 90.25, the high from Jan. 20.
Earlier Thursday, Japan's Deputy Economy Minister Yasutoshi Nishimura said a USD/JPY exchange rate of 100 would not cause major concerns to the government, which sent the Japanese currency plunging.
Prime Minister Shinzo Abe has made repeated calls for looser monetary policy and greater tolerance for inflation as part of more pro-growth economic strategies.
Earlier this week, the Bank of Japan said it would start open-ended asset purchases from banks to stimulate the economy but not until 2014.
Meanwhile in the U.S. earlier, the Department of Labor reported the number of people who filed for new unemployment claims last week fell to the lowest level since January 2008.
The number of individuals filing for initial jobless benefits fell by 5,000 to 330,000, compared to expectations for an increase of 20,000 to 355,000. Jobless claims for the preceding week stood at 335,000 people.
Elsewhere, the yen was down against the pound and down against the euro, with GBP/JPY up 1.18% and trading at 142.09 and EUR/JPY trading up 1.96% at 120.34.
On Friday, Japan is to release government data on consumer inflation, which accounts for the majority of overall inflation. Meanwhile, the Bank of Japan is to publish the minutes of its most recent policy meeting.