Tuesday, May 10, 2016

Forex - Yen gains slightly in Asia as markets look for more policy cues

Yen gains in AsiaYen gains in Asia

Investing.com - The yen gained in Asia on Wednesday with investors awaiting further policy cues on the currency.

changed hands at 109.20, down 0.07%, while traded at 0.7370, up 0.10%.

In Australia, the index for May is due, with a 4.0%% fall in the previous month. Also data on for March month-on-month with a drop of 1.5% seen.

The , which measures the greenback's strength against a trade-weighted basket of six major currencies, rose 0.08% to 94.22.

The on Wednesday said it may consider more steps to tame house prices as imbalances in the market continue to increase.

traded at 0.6797, up 0.53%.

Overnight, the dollar rose against the yen on Tuesday after Japan's finance minister warned that officials are prepared to intervene if the country's currency continued to trengthen.

The dollar had fallen to 18-month lows of 105.05 against the yen last Tuesday after the Bank of Japan kept monetary policy unchanged, defying market expectations for additional easing.
Japanese Finance Minister Taro Aso said Monday that financial authorities are prepared to intervene in the currency market if excessive moves in the yen continued.

The yen initially showed little reaction to the comments amid the view that authorities are unlikely to take steps to weaken the currency in the absence of support for such a move.

Late last month the U.S. Treasury Department added Japan to a watch list of countries it is monitoring to gauge whether their foreign exchange policies provide an unfair trade advantage.

Aso said Monday the Treasury's move to put Japan on a watch list "won't constrain" Tokyo's currency policy.

Speaking Tuesday, Aso reiterated that Tokyo will intervene in the currency market if "one-sided" moves in the yen persist. Also Tuesday, Japan's Economy Minister Nobuteru Ishihara said he was closely watching financial markets after the yen's gains last week.

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