Forex News: Yen Rises Amid Renewed Verbal Intervention

Yen Rises Amid Renewed Verbal Intervention

(RTTNews) - The Japanese yen strengthened against other major currencies in the Asian session on Thursday, following Tokyo's continued intervention threats.

Atsushi Mimura, Japan's senior FX official and vice finance minister for international affairs, stated that authorities are keeping a close eye on market movements "with a high sense of urgency" and are alert in the face of increasing JPY volatility.

Finance Minister Satsuki Katayama also reaffirmed that the government would react to currency fluctuations in accordance with the joint statement from the United States and Japan.

Additionally, the JPY is supported by the hope that domestic economy will be boosted by Japanese Prime Minister Sanae Takaichi's expansionary fiscal program.

In anticipation of stimulus benefits for individuals and businesses, investors are increasing their exposure to Japanese stocks as analysts see indications of more fiscal restraint and a more market-friendly attitude in the future.

In economic news, data from the Bank of Japan showed that producer prices in Japan were up 0.2 percent on month in January, in line with expectations and up from 0.1 percent in December. On a yearly basis, producer prices rose 2.3 percent - again matching forecasts while moderating from 2.4 percent in the previous month.

Export prices were up 2.0 percent on month and 4.7 percent on year, the bank said, while import prices rose 1.2 percent on month but dipped 0.2 percent on year.

In the Asian trading today, the yen rose to more than a 2-month high of 180.85 against the euro and nearly a 2-month high of 207.64 against the pound, from yesterday's closing quotes of 181.95 and 208.86, respectively. If the yen extends its uptrend, it is likely to find resistance around 179.00 against the euro and 204.00 against the pound.

Against the U.S. dollar and the Swiss franc, the yen advanced to more than 2-week highs of 152.27 and 197.66 from Wednesday's closing quotes of 153.26 and 198.61, respectively. The yen may test resistance around 151.00 against the greenback and 195.00 against the franc.

Against Australia, the New Zealand and the Canadian dollars, the yen climbed to a 6-day high of 108.65, a 2-week high of 92.25 and more than a 2-week high of 112.24 from yesterday's closing quotes of 109.24, 92.70 and 112.89, respectively. The yen may test resistance around 105.00 against the aussie, 91.00 against the kiwi and 111.00 against the loonie.

Looking ahead, U.S. weekly jobless claims data and U.S. existing home sales for January are due to be released in the New York session.

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