Japanese Yen Stable During Quiet Tuesday Trading

The Japanese yen was mostly stable during quiet Tuesday trading following decent monthly performance. Traders were waiting for news that could determine the direction for the currency.

The yen has rallied more than 2% against the US dollar during this month so far and gained on most other major currencies as well. The main drivers for the rally were decent Japanese economic data and speculations that the Bank of Japan may consider trimming its extensive monetary stimulus. Talking about data, Friday will be especially rich on important macroeconomic reports, including inflation data.

USD/JPY rose from 111.07 to 111.26 as of 13:53 GMT today. EUR/JPY traded at 132.29 after opening at 132.15 and rising to the daily high of 132.56.

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