The Japanese yen trimmed its early lows and climbed against other major currencies in early Asian deals on Monday as traders cautiously await the outcome of Bank of Japan's policy meeting due tomorrow.
The central bank is expected to expand asset purchase programme by additional 10 trillion yen following an enhancement of monetary easing to JPY 101 trillion in the prior meeting. Investors are also closely watching whether the bank will double the inflation target to 2 percent, as requested by Prime Minister Shinzo Abe.
The Japanese yen currency advanced 0.9 percent to 89.44 against the U.S. dollar from early 2-1/2-year low of 90.26. The yen is likely to break next upside target level at 89.00.
The yen hit 4-day highs of 119.11 against the euro and 141.87 against the pound, up from early lows of 120.25 and 143.10, respectively. The next resistance level for the yen is seen at 118.00 against the euro and 141.00 against the pound.
The average asking price for a home in the United Kingdom was up 0.2 percent in January compared to the previous month, property tracking site Rightmove said today, standing at 229,429 pounds.
That follows the 3.3 percent monthly contraction in December.
Against the Swiss franc, the yen rose to 95.93 from a previous low of 96.64. The next likely upside target level for the yen is seen at 95.00.
The yen advanced 1.18 percent to hit a 4-day high of 74.63 against the NZ dollar, reversing from an early 4-day low of 75.52. On the upside, 74.00 is seen as the next target level for the yen.
Against the Australian and Canadian counterparts, the yen rebounded from early lows of 94.87 and 90.98 and climbed to 4-day highs of 94.01 and 90.16, respectively. If the yen extends gain, it may break 93.00 against the aussie and 89.5 against the loonie.
German producer prices for December and Swiss industrial production for the third quarter are expected in the European session.
At 8:30 am ET, Canada wholesale sales for November are slated for release.
The U.S. markets are closed today.
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Forex News
May 22, 2026 14:46 ET Minutes of the latest Fed policy session was the highlight of the week along with survey data on the U.S. housing market. In Europe, survey data signaled the trends in the euro area private sector. Further, consumer price inflation data from the U.K. was in focus. In Asia, various economic indicators from China drew attention to the health of the economy.