Forex News: Yen Declines Amid Risk-on Mood

Yen Declines Amid Risk-on Mood

(RTTNews) - The Japanese yen declined against other major currencies in the Asian session on Friday amid risk-on mood by the investors, as the markets continue to react to the US Fed's widely expected third consecutive interest rate cut and the Fed's less hawkish than expected outlook for interest rates.

In economic news, data from the Ministry of Economy, Trade and Industry showed that Japan's industrial production expanded more than initially estimated in October. Industrial production climbed 1.5 percent monthly in October, slower than the 2.6 percent recovery in September. In the initial estimate, industrial output showed an increase of 1.4 percent.

On an annual basis, industrial production climbed 1.6 percent versus a 3.8 percent growth in the prior month.

Further, data showed that capacity utilization rose 3.3 percent, following a 2.5 percent increase a month ago.

In the Asian trading today, the yen fell to nearly a 35-year low of 182.86 against the euro and a record low of 196.00 against the Swiss franc, from yesterday's closing quotes of 182.64 and 195.61, respectively. If the yen extends its downtrend, it is likely to find support around 184.00 against the euro and 197.00 against the franc.

Against the pound and the U.S. dollar, the yen slid to 208.66 and 155.81 from yesterday's closing quotes of 208.31 and 155.59, respectively. The yen may test support near 210.00 against the pound and 159.00 against the greenback.

Looking ahead, Canada building permits and wholesale sales for October and U.S. Baker Hughes oil rig count data are slated for release in the New York session.

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