The Japanese yen dropped against its major counterparts in the Asian session on Friday, after the Bank of Japan kept its monetary stimulus unchanged, but slightly downgraded its assessment on inflation.

Governor Haruhiko Kuroda and his board members decided by an 8-1 majority vote to hold its target of raising the amount of outstanding JGB holdings at an annual pace of about JPY 80 trillion.

The bank will purchase government bonds so that the yield of 10-year JGBs will remain at around zero percent.

The board also decided to maintain the -0.1 percent interest rate on current accounts that financial institutions maintain at the bank.

With regard to the outlook, Japan's economy is likely to continue its moderate expansion.

The year-on-year rate of consumer price growth is in the range of 0.5-1.0 percent, the BOJ said. This reflects a slight downgrade from its assessment in April, when the BOJ said the CPI was moving around 1 percent.

The yen was higher against its major counterparts on Thursday, with the exception of the greenback.

The yen bounced off to 77.02 against the kiwi and 82.68 against the aussie, from its early 4-day high of 76.75 and 2-week high of 82.37,respectively. The yen is poised to challenge support around 79.00 against the kiwi and 83.5 against the aussie.

Having advanced to a 4-day high of 84.12 against the loonie at 9:15 pm ET, the yen reversed direction and eased back to 84.40. The next likely support for the yen is seen around the 86.00 level.

The yen pulled back to 146.81 against the pound, from a weekly high of 146.37 seen at 9:25 pm ET. Next key support for the yen is likely seen around the 148.00 level.

The yen was trading lower at 128.12 against the euro, a 0.3 percent fall from an 11-day peak of 127.70 touched at 10:50 pm ET. The yen is seen finding support around the 130.00 region.

The yen lost 0.3 percent to a 2-day low of 110.80 against the greenback, after rising to 110.46 at 9:00 pm ET. The pair was worth 110.62 when it had closed deals on Thursday. On the downside, 113.00 is possibly seen as the next support level for the yen.

The yen gave up some of its early gains against the franc, easing to 111.07. This marked a 0.3 percent drop from a weekly high of 110.77 hit at 9:15 pm ET. Continuation of the yen's downtrend may see it challenging support around the 114.00 level.

Looking ahead, Swiss KOF economic forecast, Eurozone trade data for April and final consumer price index for May are due in the European session.

In the New York session, Canada existing home sales for May and manufacturing sales for April, New York Fed's empire manufacturing survey for June, U.S. industrial production for May and University of Michigan's preliminary consumer sentiment index for June are scheduled for release.

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