The Japanese yen slipped against its major counterparts in the European session on Tuesday, as sentiment improved after South Korea confirmed that North Korean leader Kim Jong Un is open to hold “candid” talks with the U.S. and would suspend nuclear tests, if military threats are removed.
Both leaders will meet for a summit at the end of April along the border, the statement said.
“North Korea has clearly expressed its intention for denuclearlization on the Korean peninsula, and if there is no military threat, and North Korea’s regime security is promised, they have clarified that there is no reason to hold nuclear weapons,” according to a statement.
The yen declined to 6-day lows of 147.98 against the pound, 113.48 against Swiss franc and 83.22 against the Aussie, from its early highs of 146.55, 112.61 and 82.17, respectively.
The yen dropped to a weekly low of 131.94 against the euro and a 4-day low of 82.30 against the loonie, off its early highs of 130.60 and 81.54, respectively.
The yen reversed from its early highs of 76.68 against the kiwi and 105.85 against the greenback, falling to 5-day lows of 77.59 and 106.46, respectively.
The yen is likely to find support around 110.00 against the greenback, 134.00 against the euro, 116.00 against the franc, 151.00 against the pound, 85.00 against the aussie, 79.00 against the kiwi and 84.00 against the loonie.