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Forex News: Yen Weakens After Japanese FinMin Aso's Remarks

Yen Weakens After Japanese FinMin Aso's Remarks

01/16/2018 - 02:22:00 (RTTNews)

(RTTNews) - The Japanese yen declined against its major rivals in the Asian session on Tuesday, after Japanese Finance Minister Taro Aso warned about excessively rapid moves in the currency market.

Speaking after a cabinet meeting, Aso said that huge moves in the exchange rates are a problem, although he didn't comment on fx levels.

But "with the dollar at around 110.80 yen, I don't think it is a big deal," he added.

Data from the Bank of Japan showed that Japan's producer prices rose 0.2 percent on month in December.

That missed forecasts for an increase of 0.4 percent following the upwardly revised 0.5 percent gain in November.

Data from the Ministry of Economy, Trade and Industry showed that Japan's tertiary activity index increased for the second straight month in November, and at a faster-than-expected rate.

The tertiary activity index climbed 1.1 percent month-over-month in November, following a 0.2 percent rise in October. Economists had expected a 0.4 percent gain for the month.

The yen edged down to 110.98 against the greenback and 115.16 against the franc, from yesterday's closing values of 110.53 and 114.75, respectively. The next possible support for the yen is seen around 112.00 against the greenback and 117.5 against the franc.

The yen declined to an 8-day low of 136.10 against the euro and a weekly low of 153.10 against the pound, compared to Monday's closing values of 135.53 and 152.38, respectively. If the yen falls further, it may find support around 139.00 against the euro and 156.00 against the pound.

The yen that closed Monday's trading at 88.91 against the loonie weakened to 89.26. Continuation of the yen's downtrend may see it challenging support around the 90.00 mark.

The yen slipped to weekly lows of 88.42 against the aussie and 81.03 versus the kiwi, from Monday's closing values of 88.02 and 80.67, respectively. The currency held steady thereafter. On the downside, 89.5 and 82.00 are likely seen as the next support levels for the yen against the aussie and the kiwi, respectively.

Looking ahead, U.K. CPI and PPI for December and house price index for November are set for release in the European session.

At 8:30 am ET, the New York Fed's empire manufacturing survey for January will be out.

The Swiss National Bank Governing Board Chairman Thomas Jordan delivers a speech titled "How money is created by the central bank and the banking system" at the University of Zurich at 12:00 pm ET.

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