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USD/JPY consolidates below 118.00

FXStreet (Córdoba) - USD/JPY gave up ground Friday and remains on track to close the week below 118.00 after reaching a fresh 7-year high a couple of pips below 119.00 the previous day.

Yen strengthened versus the dollar after Japan's finance minister expressed his concerns about rapid depreciation of the currency. Taro Aso said "the pace of the decline in the past week has been too fast".

USD/JPY bottomed out at 117.34 on the back of the comments and following a short-lived bounce attempt, it fell to retest the lower side of today’s range. At time of writing, the pair is trading at 117.65, 0.45% below its opening price.

USD/JPY is set to post its first daily loss in seven but still headed for its fifth weekly gain in a row.

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