Yen Advances As Abe's Approval Ratings Slide
April 15 2018 - 11:31PM
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The Japanese yen drifted higher against its major counterparts
in the Asian session on Monday, as approval ratings for Japan Prime
Minister Shinzo Abe nosedived in the wake of cronyism scandal and
protesters called for his resignation.
Survey by Nippon TV published on Sunday showed that the support
for Abe fell to a record low of 26.7 percent.
A poll published by the Asahi newspaper Monday showed the
Cabinet's approval rate was just 31 percent, while the ratio of
voters who disapprove the LDP presidency rose to 52 percent from 48
percent.
Thousand of protesters, who gathered in front of the Japanese
diet, called for his resignation over the weekend.
Asian stock markets are mostly lower amid cautious trades with
the weak cues from Wall Street on Friday and geopolitical tensions
following the U.S.-led strikes on Syria dampening investor
sentiment.
Russian President Vladimir Putin warned on Sunday that further
Western attacks on Syria would result in world chaos, as Washington
prepared to impose new sanctions against Russia to punish it for
enabling the Syrian government's use of chemical weapons in its
civil war.
The yen climbed to 4-day highs of 111.24 against the Swiss
franc, 107.13 against the greenback and 132.12 against the euro,
reversing from its early lows of 111.71, 107.61 and 132.65,
respectively. The yen is seen finding resistance around 110.5
against the franc, 106.00 against the greenback and 131.00 against
the euro.
The yen reversed from its early lows of 85.38 against the loonie
and 79.12 against the kiwi, rising to 4-day highs of 84.90 and
78.71, respectively. The next possible resistance for the yen is
seen around 83.00 against the loonie and 76.00 against the
kiwi.
The yen advanced to 152.66 against the pound and 83.11 against
the aussie, coming off from its previous lows of 153.33 and 83.65,
respectively. If the yen rises further, 151.00 and 82.00 are
possibly seen as its next resistance levels against the pound and
the aussie, respectively.
Looking ahead, U.S. retail sales for March, business inventories
for February, New York Fed manufacturing index and NAHB housing
market index for April are scheduled for release in the New York
session.
At 1:15 pm ET, Atlanta Fed President Raphael Bostic speaks about
the economy at the Shoals Chamber of Commerce, in Alabama.
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