Yen Climbs On Report Of Kazuo Ueda To Be Next BOJ Governor
February 10 2023 - 1:55AM
RTTF2
A media report that the Japanese government is preparing to
nominate Kazuo Ueda as the next governor of the Bank of Japan has
strengthened the yen in the European session on Friday.
The Nikkei reported that Ueda will replace Haruhiko Kuroda when
his term will end in April.
The report added that the government is likely to nominate Ryozo
Himino and Shinichi Uchida as deputy governors.
Data from the Bank of Japan showed that Japan producer prices
were flat on month in January.
That was shy of expectations for an increase of 0.3 percent and
down from the upwardly revised 0.7 percent gain in December
(originally 0.5 percent).
The yen climbed to 1-week highs of 141.06 against the franc and
129.79 against the greenback, from its prior low of 142.87 and a
3-day low of 131.88, respectively. The yen is seen finding
resistance around 127.00 against the franc and 119.00 against the
greenback.
The yen appreciated to a 3-week high of 139.55 against the euro
and a 3-day high of 157.52 against the pound, from its early 3-day
low of 141.51 and a 4-day low of 159.63, respectively. The currency
is poised to find resistance around 136.00 against the euro and
154.00 against the pound.
The yen touched 90.23 against the aussie, its strongest level
since January 23. Next key resistance for the currency is seen
around the 86.5 level.
The yen strengthened to a 1-week high of 96.62 against the
loonie and a 3-week high of 82.31 against the kiwi, off its early
lows of 97.98 and 83.31, respectively. The currency is likely to
find resistance around 94.00 against the loonie and 80.00 against
the kiwi.
Looking ahead, Canada jobs data for January and University of
Michigan's preliminary U.S. consumer sentiment index for February
are due out in the New York session.
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