Investing.com - The yen weakened in Asian trade on Monday after Bank of Japan Governor Haruhiko Kuroda repeated the economy is on track toward a 2% annualized inflation target because aggressive monetary easing is working.
USD/JPY traded at 101.80, up.52%, in a range of 101.14 - 101.85 as the remarks by Kuroda and a stronger Nikkei on prospects for Iran to come back into the crude market, a big plus for Japan which imports nearly all of its oil and gas.
Markets were still digesting a deal reached at the weekend that relaxes economic sanctions on Iran for the next six months in hopes Western powers can reach a broader agreement on nuclear-arms talks.
But the deal doesn't directly ease restrictions on crude purchases by countries like the United States, though it makes the logistics a bit easier on sales and finance to countries that do buy Iranian crude.
The agreement also will allow Iran to regain access to much-needed goods, including parts for aircraft and cars, and will allow the country to sell refined petrochemical products in global markets.
For the week ahead, the U.S. is to release a series of reports on the housing sector, as well as data on consumer confidence and durable goods orders.
On Tuesday, the Bank of Japan is to publish the minutes of its latest policy meeting, which contain valuable insights into economic conditions from the bank’s perspective.
The U.S. dollar index traded at 80.84, up 0.18%.
USD/JPY traded at 101.80, up.52%, in a range of 101.14 - 101.85 as the remarks by Kuroda and a stronger Nikkei on prospects for Iran to come back into the crude market, a big plus for Japan which imports nearly all of its oil and gas.
Markets were still digesting a deal reached at the weekend that relaxes economic sanctions on Iran for the next six months in hopes Western powers can reach a broader agreement on nuclear-arms talks.
But the deal doesn't directly ease restrictions on crude purchases by countries like the United States, though it makes the logistics a bit easier on sales and finance to countries that do buy Iranian crude.
The agreement also will allow Iran to regain access to much-needed goods, including parts for aircraft and cars, and will allow the country to sell refined petrochemical products in global markets.
For the week ahead, the U.S. is to release a series of reports on the housing sector, as well as data on consumer confidence and durable goods orders.
On Tuesday, the Bank of Japan is to publish the minutes of its latest policy meeting, which contain valuable insights into economic conditions from the bank’s perspective.
The U.S. dollar index traded at 80.84, up 0.18%.