USD/JPY settles near 2016 highs ahead of Powell's speech

Dollar tilted higher in Asian trade near February 2016 highs against dollar amid a lack of data from Japan and the US and ahead of a speech by Fed chair Jerome Powell.

As of 06:23 GMT, USD/JPY rose 0.11% to 119.27, with an intraday high at 119.31.

Fed Chair Jerome Powell will speak about the economic outlook at the National Association for Business Economics Annual Economic Policy Conference, in Washington DC.

The Federal Reserve decided to hike rates from record lows last week by 25 basis points to 0.50% as expected while starting a plan to cut down its assets by the the May meeting.

Fed Chair Powell said back then the Ukrainian crisis' impact on the US economy is still difficult to measure, however the inflationary results are pretty clear in the short term.

Powell expects the Fed to cut down its general budget amounting currently to $9 trillion, with most members expecting solid growth this year and improving labor market.

Powell said that stabilizing prices is  necessity for supporting the labor market, and that the US economy doesn't require easing or stimulation any more, it has already adapted.