The Japanese yen showed strength against its major counterparts in Asian trade Thursday.
The Japanese unit that closed Wednesday's North American session at 134.86 against the European currency climbed to 134.06 during today's early Asian deals. The euro-yen pair is currently trading at 134.10 with 133.7 seen as the next target level.
Start trading in currencies, most happening place to trade
Against the British pound, the Japanese currency gained ground after hitting a low of 150.52 during early Asian deals on Thursday.
The yen rose to 149.23 against the pound, compared to Wednesday's closing value of 150.23. If the yen gains further, 146.7 is seen as the next target level.
The yen that closed Wednesday's New York deals at 89.32 against the Swiss franc hit a high of 88.79. On the upside, 88.0 is seen as the next target level for the Japanese yen.
In the European session today, the Swiss SECO consumer climate and CPI, UK industrial and manufacturing production and the Euro-zone retail sales are due for release.
However, the focus of the currency market will be on the interest rate decisions by the Bank of England and European Central Bank.
Analysts expect the BoE to keep interest rates at their 0.5 percent record low but many see an extension of its quantitative easing programme to inject liquidity into the economy.
Most economists do not expect the ECB to make any change in its key interest rate from its current level of 1%.
