The dollar moved lower against the yen
on Wednesday after Japanese Prime Minister Shinzo Abe voiced concerns
over the economic impact of recent weakness in the yen.
USD/JPY touched session lows of 108.47 and was last down 0.22% to 108.65. The pair was likely to find support at 108.24, Tuesday’s low and resistance at 109.18, Monday’s high.
The yen found support after Prime Minister Abe reportedly said that the weaker yen had both positive and negative impacts and that he wanted to carefully watch the impact of yen weakness on regional economies and on small and mid-sized companies.
The yen also gained against the euro,
with EUR/JPY slipping 0.19% to 139.61. Elsewhere, the euro was little
changed against the greenback, with EUR/USD trading at 1.2847,
hovering just above Monday’s 14-month trough of 1.2815.
The single currency remained under pressure after data on Tuesday showed that private sector output grew at the slowest rate so far this year in September, fuelling expectations for additional stimulus by the European Central Bank.
