Japanese Yen Lower Against Majors

(RTTNews) - The Japanese yen fell against its major counterparts in the European session on Friday, as the economy expanded less than initially estimated in the second quarter, supporting expectations that the Bank of Japan will maintain ultra-loose monetary policy for the time being.

Data from the Cabinet Office showed that Japan's GDP expanded a seasonally adjusted 1.2 percent on quarter in the second quarter, down from the preliminary estimate of 1.5 percent.

On an annualized basis, GDP advanced 4.8 percent, well below the preliminary reading of 6.0 percent.

Data from the Bank of Japan showed that the value of overall bank lending in Japan was up 3.1 percent on year in August- coming in at 606.012 trillion yen.

That beat forecasts for an increase of 2.8 percent and was up from 2.9 percent in July.

The yen weakened to 147.45 against the greenback, 184.25 against the pound and 165.50 against the franc, reversing from an early 3-day high of 146.58, multi-week high of 183.05 and a 1-week high of 165.50, respectively. The yen may face support around 150.5 against the greenback, 186.00 against the pound and 166.5 against the franc.

The yen depreciated to 157.99 against the euro and 107.91 against the loonie, from its previous 1-week highs of 157.00 and 107.15, respectively. The yen is seen finding support around 160.00 against the euro and 109.00 against the loonie.

The yen dropped to an 8-day low of 87.16 against the kiwi and a 3-day low of 94.34 against the aussie, down from its early 3-day highs of 86.41 and 93.58, respectively. The currency is poised to find support around 90.00 against the kiwi and 96.00 against the aussie.

Looking ahead, Canada jobs data for August and U.S. wholesale inventories and consumer credit for July will be featured in the New York session.