2018.07.2303:46:00UTC+00Yen Trades Higher On BoJ Policy Tweak Chatter

The Japanese yen traded higher against its major counterparts in the Asian session on Monday, following media reports that the Bank of Japan officials are reportedly considering tweaks to its massive bond-buying program at its meeting due next week.

According to reports, the BOJ is holding preliminary discussions for making significant changes to yield-curve control or asset-purchase settings to keep its stimulus program sustainable while reducing the harm it causes in markets and on the profitability of commercial banks.

The BOJ will announce its next monetary policy decision on July 31.

Most Asian shares fell, as concerns over trade tensions returned to the forefront.

The G20 finance ministers issued a warning on Sunday that "heightened trade and geopolitical tensions" posed an increased risk to global growth.

The yen climbed to 82.25 against the aussie and 75.52 against the kiwi, from its early lows of 82.76 and 75.91, respectively and held steady thereafter. If the yen continues its rise, 81.00 and 74.00 are possibly seen as its next resistance levels against the aussie and the kiwi, respectively.

The yen advanced to near 2-week highs of 110.75 against the greenback, 130.08 against the euro, 111.85 against the franc and 84.41 against the loonie, from its early lows of 111.50, 130.74, 112.39 and 84.90, respectively and held steady thereafter. On the upside, 108.00, 128.00, 110.00 and 83.00 are likely seen as the next resistance levels for the yen against the greenback, the euro, the franc and the loonie, respectively.

The yen reversed from an early low of 84.90 against the loonie, rising to near a 2-week high of 84.41. The pair held steady thereafter. The yen is likely to find resistance around the 83.00 level.

Looking ahead, Eurozone advanced consumer sentiment index for July is due at 10:00 am ET.

At the same time, U.S. existing home sales for June are scheduled for release.

Bank of England Deputy Governor Ben Broadbent speaks about the history and future of quantitative easing at the Society of Professional Economists in London at 1:00 pm ET.