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A Quick Run Through Spot Desk Views on JPY Price Action Today:

FOREX
  • ING see the JPY as likely to hold gains in the near-term, but their suspicion is that speculation of a BoJ move at the 18 December meeting is premature since there is no accompanying Outlook Report. USD/JPY could still drift to the 144.50/145.00 area over the next week as speculation continues to build about a December BoJ move.
  • Danske Bank retain a sell-on rallies approach to USD/JPY, and continue to actively look to sell the pair strategically
  • MUFG write that BoJ comments do not suggest an exit from NIRP is imminent this month, however the developments support their current short USD/JPY trade idea, and already expect BoJ to exit NIRP in January.
  • JPM spot desk write that the move in JGBs should jolt the market to pay attention to the widening chasm in fair values, and look for a break of 144.50 in USD/JPY to elicit more interest.
  • Credit Agricole write the market has become nervous about a potential hawkish shift by the BoJ on Dec19, however global yields are likely to be the stronger driver of the JPY across various data releases/CB meetings over next week or so.
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