Yen Climbs Further Amid BoJ Governor Kuroda's Speech

The Japanese yen strengthened further against its major rivals ahead of European deals on Wednesday, following the Bank of Japan governor Kuroda's remarks that the Japanese economy is continuing to recover gradually and inflation expectations would rise over longer term.

Speaking at press conference post BoJ announcement, the central bank chief told that consumer inflation is expected to reach 2 percent in a period centered on fiscal 2015, assuming that the effect of the oil price decline will ease gradually.

"The economy is recovering moderately as a trend as the effects of the tax hike ease as a whole," he told.

The yen rose to a 1-week high of 89.97 against the NZ dollar, 5-day high of 97.12 against the Canadian dollar and 2-day highs of 117.29 against the greenback and 135.83 against the euro.

The yen reached as high as 178.01 against the pound, 134.45 against the franc and 96.48 against the aussie.

The next possible resistance for the yen is seen around 115.00 against the greenback, 130.00 against the euro, 175.00 against the pound, 115.00 against the franc, 95.00 against the aussie, 95.00 against the loonie and 87.50 against the kiwi.