Japan Finmin Suzuki: FX moves partly behind recent rises in Japan prices, but driven mostly by rising global fuel costs

Japan's Finance Minister Shun'ichi Suzuki has stated that FX moves are partly behind recent rises in Japan prices, but driven mostly by rising global fuel costs.

He added that ''if prices rise before household income, wages increase, that could hurt consumption.

The Finance Minister stated also that the government is taking steps to curb gasoline, fuel prices will take steps as needed to address the impact rising prices could have on the economy.

There has been no reaction in the yen that is otherwise under pressure from an improved risk profile in financial markets pertaining to the prospects of de-escalation surrounding Russia's presence of troops on the Ukraine border. 

Japan's chief cabinet secretary Matsuno, whoever, said earlier that they are still watching the Ukraine situation with grave concern despite the announcement of partial withdrawal of Russian armed forces.

USD/JPY update

As per the early Asia analysis below, the bulls are taking control in Asia and eye a run to test 116 the figure for the sessions ahead. 

USD/JPY prior analysis M15 chart

• USD/JPY Price Analysis: Bids building above 115.50's puts 116.00 and then 117.00 on the radar

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USD/JPY live market, M15 chart

The price is respecting the support on the 15-min chart and bulls are moving in on an important level of resistance in the 115.70's again.