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Forex News: Japanese Yen Appreciates After Shooting Of Former PM

Japanese Yen Appreciates After Shooting Of Former PM Shinzo Abe

07/08/2022 - 03:01:00 (RTTNews)

(RTTNews) - The Japanese yen advanced against its major counterparts in the Asian session on Friday amid safe-haven status, as former Japanese Prime Minister Shinzo Abe had been shot while delivering a speech in the western city of Nara ahead of upper house elections on Sunday.

Abe, who was campaigning for other members of the governing conservative Liberal Democratic Party, was shot in the chest and was taken to hospital. Abe was in a state of cardiopulmonary arrest after the shooting.

Chief Cabinet Secretary Hirokazu Matsuno said that the condition of Abe remained "unknown."

Kishida stopped his election campaign following the news and returned to Tokyo.

Abe was the longest-serving Japanese PM and had aimed to push economic growth through policies known as "Abenomics."

The yen rose to 2-day highs of 135.32 against the greenback and 139.05 against the franc, up from its early lows of 136.15 and 139.86, respectively. If the yen strengthens further, it is likely to test resistance around 121.00 against the greenback and 124.00 against the franc.

The yen touched a 2-day high of 137.48 against the euro, rising from a low of 138.62 seen at 8:45 pm ET. On the upside, 133.00 is seen as its next resistance level.

After dropping to 3-day lows of 93.33 against the aussie and 105.02 against the loonie earlier in the session, the yen edged up to 92.33 and 104.11, respectively. The yen is likely to find resistance around 89.5 against the aussie and 100.00 against the loonie.

The yen reached as high as 162.60 against the pound, following a 3-day low of 163.93 hit at 8:45 pm ET. The yen may locate resistance around the 156.00 level.

Against the kiwi, the yen rebounded to 83.47, after a fall to 84.21 at 8:45 pm ET. Immediate resistance for the yen is likely seen around the 79.5 level.

Looking ahead, U.S. and Canadian jobs data for June and U.S. wholesale inventories for May will be out in the New York session.

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