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FOREX-Dollar up vs yen on increased BOJ easing prospects, Aussie stands tall

Published 11/09/2015, 01:14 pm
Updated 11/09/2015, 01:17 pm
FOREX-Dollar up vs yen on increased BOJ easing prospects, Aussie stands tall
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* Dollar/yen coasts up after Japan lawmaker stirs BOJ easing hopes

* Sterling supported by optimistic BOE

* Aussie briefly hits 9-day high of 71 U.S. cents (Updates throughout)

By Shinichi Saoshiro and Ian Chua

TOKYO/SYDNEY, Sept 11 (Reuters) - The dollar extended gains against the yen on Friday on increased prospects of more easing by the Bank of Japan, while the Aussie stood tall after catching a lift from upbeat employment data.

The greenback was up 0.2 percent at 120.82 yen JPY= after scaling a 10-day high of 121.38 overnight. The dollar was headed for a 1.5 percent weekly gain.

The U.S. currency coasted on a boost received Thursday on a media report quoting Japanese ruling party lawmaker Kozo Yamamoto as saying that the Bank of Japan's Oct. 30 policy meeting would be a "good opportunity" for further monetary easing.

This was not the first time the outspoken Yamamoto, an adviser to Japanese premier Shinzo Abe, has openly expressed his views on monetary policy. But the timing appears to have struck a cord in the markets which have recently seen a soft Japanese data and equities engulfed in volatility.

"Foreign market participants' views on the yen hinge on whether the BOJ will ease further or not, and such comments from an official naturally spark selling of the yen," said Daisuke Karakama, market economist at Mizuho Bank in Tokyo.

"But we also need to keep in mind that the Abe administration may not exactly welcome further easing right now, as that could cause the yen to depreciate and depress real wages," he said.

The yen was also on the defensive against the euro. The common currency rose to a two-week high of 136.45 yen EURJPY= , having gained 2.7 percent so far this week.

The euro was firm at $1.1248 EUR= and on track for a 1.3 percent weekly rise.

The Australian dollar was steady at $0.7067 AUD=D4 after surging 0.8 percent overnight.

The Aussie sank after suffering collateral damage early on Thursday as the New Zealand dollar plummeted on easing by the Reserve Bank of New Zealand (RBNZ), but it struck a 9-day peak of $0.7100 later in the day as focus shifted to the much better-than-expected August Australian employment data. ECONAU

A 1.2 percent overnight jump in offshore yuan against the dollar CNH=D3 , after suspected rare intervention by Chinese state-owned banks, also provided a lift to the Australian dollar - often used as a liquid proxy for China plays. ID:nL4N11G36Q

Offshore yuan stabilised and was little changed on Friday.

"This (offshore yuan jump) drove a sharp narrowing of the gap between onshore and offshore yuan, suggesting official discomfort with the yuan trading at a discount offshore," wrote Sean Callow, senior currency strategist at Westpac in Sydney.

"This reinforces risks that the USD/CNY (onshore yuan) fixings tilt to the downside until further notice and presumably into China President Xi's state visit to the U.S. later this month, where he would not want CNY to be a hot topic."

The People's Bank of China set the onshore midpoint rate CNY=SAEC at 6.3719 per dollar on Friday prior to the market's open, firmer than the previous fix of 6.3772, and firmer than the previous day's closing quote 6.3772.

Beijing maintains an onshore and offshore currency regime as a means of capital control.

A month ago, markets took fright after China unexpectedly depreciated the yuan against the dollar, sparking talk of a global currency war. The move also added to worries about its slowing economy at a time when Beijing was trying to contain a stock market meltdown.

Sterling enjoyed a positive session after Bank of England policymakers felt the threat to the world economy from China's stock-market slump did not signal a slowdown for Britain. ID:nL5N11G2LU

The pound, which scurried to a two-week high of $1.5476 on the bank's optimistic outlook, last stood at $1.5443 GBP=D4 .

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