Wednesday in Asia, the Japanese unit tumbled against its major counterparts after reports revealed that Japan's trade surplus decreased and the nation's corporate service prices fell at a record pace in the month of May, casting doubt on the nation's growth prospects as the economy struggles to emerge from its worst postwar recession.
Thus, yen slumped to an 8-day low against franc, 5-day low against euro, 2-day lows against pound, aussie and kiwi. The Japanese currency also eased against its US and Canadian counterparts.
Against the Swiss franc yen dropped to 89.69 early morning in Asia today, setting the lowest point since June 16, with 91.5 seen as the next target level. By about 2:00 am ET yesterday yen rose to a 26-day high of 87.39 against the franc. However, yen weakened thereafter and it has lost 3% thus far. Late Thursday in New York CHF/JPY rally was quoted as much as 89.29.
Yen fell to a 5-day low of 134.72 against the euro during Asian deals on Wednesday, compared to New York session closing value of 134.06, with 135.2 expected as the next resistance point.
In Asian trading on Wednesday, the yen slid to a 2-day low of 157.47 against the pound, compared to 156.74 at yesterday's close. GBP/JPY would touch a low of 159.4 further. The yen has diminished 2% against the pound after it reached a 3-week high of 154.13 Tuesday.
In Asian trading on Wednesday, yen showed modest decline against the US dollar, sliding to 95.62. This may be compared to Tuesday’s closing value of 95.23. On the downside, 95.9 was seen as the next likely target for USD/JPY.
Yen also lost ground versus the commodity currencies, AUD, CAD and NZD. Thereby, the Japanese yen dropped to 83.37 against the Canadian dollar early in Asia today, compared to 82.85 late Tuesday in New York. CAD/JPY rally would find support near 83.6.
Against the currencies of Australia and New Zealand, yen touched 2-day lows of 76.12 and 61.30, with 78.4 and 62.3 expected as the following downside targets. AUD/JPY was quoted as much as 75.58 at yesterday close, and NZD/JPY was worth 60.91.
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