The dollar rose more than 1% against the yen on Monday as Japanese stocks led a rally in Asian markets, boosted by a robust U.S. jobs report and hopes for additional economic stimulus in Japan.
USD/JPY hit highs of 101.95 and was last at 101.91, up 1.3% for the day. The pair had fallen to lows of 99.97 in the wake of Friday’s jobs report.
EUR/JPY advanced 1.22% to 112.43.
Japan’s Nikkei surged 3.98% after Prime Minister Shinzo Abe’s ruling coalition increased its majority in the upper house in parliamentary elections on Sunday.
The win for Abe’s coalition fed hopes for a fresh package of stimulus measures to spur economic growth.
Risk appetite had already been boosted after data on Friday showing that the U.S. economy added 287,000 jobs in June, well above the 175,000 jobs forecast by economists.
The stronger than expected jobs report indicated that the economic recovery is back on track.
SELL GBPINR BELOW 87.35 TGT 87.25-87.15-87.05 SL 87.55 ABOVE CMP 87.35-36
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