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DOLLAR-YEN: A heavy session for equities allowed USD/JPY to peel back from the
recent YTD highs (Y114.55) on Thursday, as the rate closed back below Y114.00,
dealing at Y113.90 last. U.S. Tsy yields edging away from best levels also leant
a further layer of support for the JPY.
- Local household spending data has provided the JPY with little impetus after
its release, in spite of a sig. beat vs. exp.
- Today's 10-25+ Year BOJ Rinban ops provides the key local point of interest
for Yen traders.
- 10-Year JGB yields are > levels that triggered vol smoothing operations from
the BOJ in recent times, although the higher JGB yields remain within the BOJ's
acceptable range & focus remains on how -- and how rapidly -- 10-Year yields
moves toward +0.2% or higher, MNI understands. The BOJ still stands ready to
curb higher yields through bond buying ops if the rise is deemed too rapid (as
we noted Thursday).
- Additional sources pieces were released later Thursday with RTRS noting that
the "BOJ tolerates yield rise, may trim super-long bond buying further."