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Forex News: Yen Falls As Japan GDP Expands Less-than-expected

Yen Falls As Japan GDP Expands Less-than-expected

02/13/2017 - 01:17:00 (RTTNews)

(RTTNews) - The Japanese yen weakened against the other major currencies in the Asian session on Monday, after data showed that the Japanese economy expanded less than expected for the fourth straight quarter of 2016.

Data from the Cabinet Office showed that Japan's gross domestic product gained 0.2 percent on quarter in the fourth quarter of 2016. That missed expectations for an increase of 0.3 percent, which would have been unchanged from the previous three months.

On a yearly basis, GDP gained 1.0 percent, also missing forecasts for 1.1 percent and down from 1.4 percent in the third quarter.

Meanwhile, Asian stock markets extended a global rally, tracking the gains on Wall Street amid renewed optimism over U.S. President Donald Trump's corporate tax reform plans as well as higher crude oil prices.

News about a smooth meeting between Trump and Japanese Prime Minister Shinzo Abe during the weekend also lifted investor sentiment, though investors brushed aside news about a ballistic missile launch by North Korea on Sunday.

Investors also cheered upbeat local corporate earnings results.

Last Friday, the yen showed mixed trading against its major rivals. While the yen rose against the euro, it fell against the pound. Against the U.S. dollar and the Swiss franc, the yen held steady.

In the Asian trading, the yen fell to a 1-week low of 121.17 against the euro, nearly a 2-week low of 142.62 against the pound and a 10-day low of 113.58 against the Swiss franc, from Friday's closing quotes of 119.74, 140.32 and 112.52, respectively. If the yen extends its downtrend, it is likely to find support around 124.00 against the euro, 148.00 against the pound and 116.00 against the franc.

Against the U.S., the Australian and the Canadian dollars, the yen dropped to a 2-week low of 114.17, nearly a 2-month low of 87.49 and nearly a 2-week low of 87.04 from last week's closing quotes of 111.93, 85.56 and 85.15, respectively. The yen may test support near 119.00 against the greenback, 89.00 against the aussie and 88.00 against the loonie.

The yen edged down to 82.09 against the NZ dollar, from Friday's closing value of 81.30. On the downside, 84.00 is seen as the next support level for the yen.

Looking ahead, the German WPI for January is due to be released in the pre-European session at 2:00 am ET.

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