Yen Extends Decline Amid BoJ Governor Kuroda's Speech

The Japanese yen continued its decline against its major rivals in late Asian deals on Friday, after the Bank of Japan governor Haruhiko Kuroda said that impact of sales tax increase is receding and a weak yen would aid global companies to boost their profits.

Speaking at the press conference, Kuroda said that inflation expectations for long term are rising and the nation is likely to attain CPI target of around 2 percent in 2015.

The central bank would continue to monitor FX impact on economy, he added.

The yen fell to an 8-day low of 119.46 against the U.S. dollar and a 4-day low of 187.02 against the pound, from yesterday's closing quotes of 118.81 and 186.16, respectively.

The yen that closed yesterday's trading at 102.62 against the loonie, 97.01 against the aussie and 92.18 against the kiwi slipped to a 1-week low of 103.21, 4-day low of 97.78 and an 8-day low of 93.01, respectively.

The yen edged down to session's low of 146.73 versus the euro, while falling to 121.82 against the franc.

If the yen extends slide, it may find support around 121.5 against the greenback, 190.00 against the pound, 150.00 against the euro, 124.00 against the franc, 99.00 against the aussie, 95.00 against the kiwi and 105.00 against the loonie.