Investing.com - The U.S. dollar fell against the Japanese yen in Asian trade Wednesday, after setting a new all-time low against the Japanese currency Tuesday ahead of a meeting of European officials designed to tackle the region’s debt crisis.
In mid-day Asian trade USD/JPY hit 75.99, the pair’s lowest since Tuesday; the pair subsequently consolidated at 76.03, easing down 0.09%.
The pair was likely to find support at 75.75, the all-time low, and resistance at 77.45, the high of October 17.
Leaders from 27 European countries were scheduled to meet in Brussels later Wednesday, followed by a meeting between heads of the 17-nation euro-zone. Finance officials were to meet at an as-yet undetermined later date to work out the details of whatever scheme is agreed upon.
Confidence in the success of the discussions was dented, as the meeting of European Union finance officials scheduled to take place before the summit was cancelled.
In Tuesday trade, Wall Street shares sagged on a disappointing third-quarter earnings report from Amazon.com Inc. The Dow Jones Industrial Average fell 1.74%, the Nasdaq Composite Index surrendered 2.26%, and the S&P 500 gave up 2%.
Meanwhile, Japan’s Finance Minister Jun Azumi said the ministry was prepared to take decisive action to stem the yen’s rise as the Japanese currency rose to a post-war high against the U.S. dollar.
“I’ve ordered my staff to be prepared to take action at any time. Speculative movements have become very prominent,” Azumi told reporters in Tokyo Wednesday.
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Reports surfaced that Bank of Japan officials would be meeting later in the week to discuss how to ease the impact of the strong yen on the nation’s export driven economy.
Meanwhile, the yen moved lower against both the euro and the British pound with
The U.S. Census Bureau was scheduled to release its latest monthly figures for durable goods orders later Wednesday.