Forex Pros – The yen rose against the U.S. dollar on Wednesday after Masaaki Shirakawa, the Bank of Japan governor, said price stability is important but is not the sole element in a central bank's mandate. USD/JPY hit a daily low of 89.99 during the Asian trading session; the pair subsequently consolidated around 90.17 during early European trade, shedding 0.08%. The pair was likely to find support at 87.95, the low of May 6, and short-term resistance at 90.61, Monday’s high. Earlier in the day, Shirakawa made the comments at a conference in Tokyo. "I think that a primary mandate for a central bank should be to achieve a stable financial environment, that is a financial environment that is consistent with and contributes to sustainable economic growth," Reuters quoted the central bank chief as saying. "Price stability is certainly one important element in achieving a stable financial environment. That is, however, not the sole factor." The Japanese currency also rose versus the euro, with EUR/JPY dropping 0.31% to reach 111.03. Also Wednesday, the U.S. Census Bureau was due to publish key data on durable goods orders, a leading indicator of production. The bureau was also set to release a report on new U.S. home sales.

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