USD/JPY to 99 on Possible Japan Tax Reform

The dollar gained on the yen in Asia on Thursday on hopes of more corporate tax reform steps from Japan’s government, though the U.S. budget impasse kept the greenback shackled against other rivals.

Against the yen, the dollar rose as high as 99.12 yen on the EBS trading platform, and last bought 98.88 yen, up 0.5 percent and off a one-week low of 98.27 yen touched in the morning.   The euro added 0.4 percent to 133.70 after rising as high as 133.91 yen on EBS.

“Today’s move was not a sign of dollar strength, but rather a signal of yen weakness, and yen selling,” said Masashi Murata, senior currency strategist at Brown Brothers Harriman,


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