Investing.com - The dollar fell back below 100 per yen on Wednesday after a speech by Japanese Prime Minister Shinzo Abe on strategies to spur economic growth undershot market expectations. USD/JPY hit 99.39 during late Asian trade, the session low; the pair subsequently consolidated at 99.57, shedding 0.47%. The pair was likely to find support at 98.85, Monday’s low and a three week low and resistance at 100.71, Monday’s high. Prime Minister Abe outlined plans to achieve growth of 2% per year over the next decade through a series of economic reforms, but said legislative changes would not begin for some months. The growth strategy is the ‘third arrow’ of Prime Minister Abe’s plan combat deflation, in conjunction with fiscal and monetary stimulus. The safe haven yen strengthened as Japan’s Nikkei ended the session down 3.8% following the speech. The yen was also higher against the euro, with EUR/JPY down 0.49% to 130.24. Investors were looking ahead to the U.S. private sector jobs report by payroll processor ADP later Wednesday for clues on Friday’s key nonfarm payrolls data. The Institute of Supply Management was to release data on U.S. service sector activity later Wednesday.

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