Forex Pros – The yen extended its gains against the U.S. dollar on Tuesday, breaking below the 91 mark, after the Bank of Japan released the minutes of its January policy board meeting. 

USD/JPY shed 0.3% to hit 90.88 during early European trade, a 3-day low. The pair was likely to find support at 90.14, last Wednesday’s low, and resistance at 92.15, Friday’s high. 

But the yen lost ground against the euro, with EUR/JPY gaining 0.34% to hit 124.34. 

Earlier in the day, the Bank of Japan meeting’s minutes showed that some officials said it was necessary to earn market trust in both fiscal and monetary policy, in light of the focus on the country’s massive debt. 

The summary of discussions of the Jan. 25-26 meeting noted: “Some members expressed the view that for individual countries, including Japan, for which the fiscal situation was serious, to be able to conduct appropriate policies while ensuring market stability, it had become all the more important to maintain market confidence in the conduct of both fiscal policy and monetary policy.” 

Later Tuesday, the Conference Board was set to release its monthly consumer confidence index, a leading indicator of U.S. consumer spending.