Yen holds against dollar despite upbeat growth data

The Japanese yen stabilized against the US dollar today, despite the release of strong Japanese data, as focus turned to the upcoming US Federal Reserve meeting on Tuesday.

The final reading of the Japanese GDP showed today that it grew by 0.4% in Q3, better than forecasts of holding at 0.2%.

The Bank lending reading showed stability at 2.1% during November, while the current account posted a surplus of 1.73 trillion yen.

The US Federal Reserve will launch it meeting tomorrow and will continue until Wednesday, with most forecasts are for the bank to hold interest rates to assess the three rate cuts of this year.

Investors are also anticipating new updates regarding the trade talks between the US and China ahead of mid-December, which is the date for the US tariffs hike against Beijing.

As for trading, USD/JPY held at 108.6 as of 21:02 GMT, the pair hit an intraday high of 108.6 and a low of 108.4.