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USD/JPY Near 101 on Drop in Consumer Prices

The yen fell versus all of its major peers as data showing a decline in consumer prices added to the case for the Bank of Japan to step up its stimulus efforts.

The Dollar Index was set for its biggest weekly decline in almost four months ahead of U.S. reports today forecast to show consumer spending stagnated and an inflation measure fell. New Zealand’s dollar advanced after the nation’s terms of trade improved more than estimated.

“We’re bearish on the yen over the medium term,” said Imre Speizer, a strategist in Auckland at Westpac Banking Corp. (WBC), Australia’s second-biggest lender. “The reasons for that are continuing QE in Japan and more outflows from Japan,” referring to the so-called quantitative easing program.

Bloomberg [1]

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