The Japanese yen rose against its major rivals in the Asian session on Thursday, after Japanese Finance Minister Taro Aso remarked that there is no need for forex intervention, in the wake of the recent strength in the yen.

"From our perspective, the current situation doesn't warrant special intervention. The yen isn't rising or falling abruptly," Aso said in Parliament.

As economic fundamentals in Japan and the United States look "very solid," there is no requirement for immediate intervention, he told.

Aso's remarks suggested that the policymakers are comfortable with the recent appreciation of the Japanese Yen, sending it higher.

Data from the Ministry of Economy, Trade and Industry showed that Japan's industrial production grew more than initially estimated in December.

Industrial production advanced a seasonally adjusted 2.9 percent month-over-month in December, faster than the 2.7 percent rise reported earlier.

In other economic news, the Cabinet Office reported that the value of core machine orders in Japan plunged a seasonally adjusted 11.9 percent on month in December - coming in at 792.6 billion yen. The headline figure was well shy of forecasts for a decline of 2.0 percent following the 5.7 percent gain in November.

The yen appreciated to 106.31 against the greenback, its strongest since November 2016. The yen is seen finding resistance around the 104.00 level.

The yen bounced off to 84.35 against the aussie and 78.48 against the kiwi, from its early low of 84.83 and a session's low of 78.93, respectively. The next possible resistance for the yen is seen around 82.00 against the aussie and 77.00 against the kiwi.

The yen edged up to 132.52 against the euro and 114.58 against the franc, off its previous lows of 133.27 and 115.17, respectively. If the yen extends rise, 130.00 and 112.50 are seen as its next resistance levels against the euro and the franc, respectively.

Reversing from early lows of 149.85 against the pound and 85.66 against the loonie, the yen gained to 148.94 and 85.14, respectively. On the upside, 147.00 and 84.00 are likely seen as the next resistance levels for the yen against the pound and the loonie, respectively.

Looking ahead, Eurozone trade data for December is due in the European session.

In the New York session, U.S. PPI and industrial production for January, NAHB housing market for February, weekly jobless claims for the week ended February 10 and New York Fed's empire manufacturing survey for February as well as Canada existing home sales for January are set for release.

At 1:30 pm ET, the Bank of Canada deputy governor Lawrence Schembri speaks at the Manitoba Association for Business Economics in Winnipeg.

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