U.S. dollar, euro soar vs yen as G20 skirts Japan critique
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The U.S. dollar and euro rallied 1.5 percent versus the yen on Friday after Japan said the Group of 20 countries did not oppose its aggressive monetary easing aimed at beating deflation rather than at weakening its currency.
Traders said hedge funds resumed buying the dollar against the yen, leaving the pair poised to test strong resistance and option barriers at the 100 yen level in the coming days. The dollar hit a four-year high of 99.94 yen last week.
Japan's Finance Minister Taro Aso said "Japan explained that its monetary policy is aimed at achieving price stability and economic recovery, and therefore is in line with the G20 agreement in February.
Newly installed Bank of Japan Governor Haruhiko Kuroda said the monetary policy stance gained broad understanding but some emerging market nations said Tokyo must be mindful of the negative impact its flood of cash can have on investment flows into their higher-growth economies.
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