Yen Advances As BoJ Kuroda Nominated For Second Term
February 15 2018 - 9:08PM
RTTF2
The Japanese yen firmed against its major opponents in the Asian
session on Friday, as investors cheered Haruhiko Kuroda's
nomination for another term as Bank of Japan Governor.
The Japanese government submitted the proposal to a
parliamentary committee today.
The government also sent nominations for Masayoshi Amamiya and
Waseda University professor Masazumi Wakatabe as deputy
governors.
Amamiya, executive director of BoJ, has worked with Kuroda in
designing stimulus policies. The nominations require approval by
both houses of parliament.
Kuroda's reappointment indicates that the bank is set to
maintain its aggressive monetary policy stimulus.
Meanwhile, Asian shares were higher, extending gains from the
previous session, as crude oil prices rallied and U.S. stocks
extended their winning streak to five sessions overnight as
investors largely shrugged off indications of rising inflation.
The currency was trading higher against its major rivals on
Thursday, with the exception of the franc.
The Japanese yen climbed to 105.55 against the greenback, a
level unseen since November 2016. If the yen extends rise, 104.00
is seen as its next resistance level.
The yen edged up to 149.20 against the pound and 114.81 against
the Swiss franc, off its early lows of 149.96 and 115.30,
respectively. The next possible resistance for the yen is seen
around 147.00 against the pound and 112.00 against the Swiss
franc.
The yen advanced to a 2-day high of 132.40 against the euro,
after having fallen to 133.10 at 10:45 pm ET. On the upside, 131.00
is likely seen as the next resistance for the yen.
The yen reversed from its early low of 85.17 against the loonie,
rising to a 2-day high of 84.69. The yen is seen finding resistance
around the 82.5 level.
The yen advanced to 84.07 against the aussie and a session's
high of 78.33 against the kiwi, reversing from its early lows of
84.49 and 78.72, respectively. Further uptrend for the yen is
likely to see it finding resistance around 82.00 against the aussie
and 76.00 against the kiwi.
Looking ahead, at 2:00 am ET, German wholesale price index for
January is set for release.
In the European session, U.K. retail sales for January are set
for release.
U.S. housing starts, building permits and import price index for
January and University of Michigan's preliminary consumer sentiment
for February as well as Canada manufacturing sales for December
will be out in the New York session.
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