Most Asian markets are going through moderate advances on Friday, with investors focusing on Japanese authorities and the possibility of an intervention to curb Yen strength, which is weighing Japanese exports. In FX markets Euro and Pound consolidate at lower levels.
Except Japanese Nikkei Index, which has dropped 0.3%, with Toyota Motor Corp. and Honda Motor Co. leading losses, the rest of the stock markets have traded on bid tone. South Korean Kospi Index advanced 1.1% and Australian S&P/ASX Index rose 0.7%.
Shares of Japanese car manufacturers have driven the Nikkei Index lower, as Yen strength weighs the demand for Japanese products overseas. Toyota Motor lost 0.7% while Honda Motor lost 1.6% together with other strong exporters, such as Cannon, which lost 0.8% and Tokyo Electron, 1.4% down.
Euro and Pound consolidating losses
EUR/USD decline from 1.3335 high last Friday extended below 1.300 on Wednesday's sell off to bottom at 1.2770 low on Thursday, which offered support to consolidate between 1.2820 and 1.2875 during Asian session.
GBP/USD was rejected at 1.6000 high on Monday, and the pair retreated continuously during the current week, to hit a fresh 3-week low at 1.5565 on Thursday, and consolidate between 1.5600 and 1.5650 during Friday's Asian session.
USD/JPY decline from 88.10 high on Jul 28 extended to a 15-year low at 85.70 on Wednesday, to pick up on Thursday, reaching levels right above 86.00, to reach resistance level at 86.15/25, under pressure at the moment of writing
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