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Better Risk Sentiment Discourages Yen Buying, Japan GDP Data Eyed

JPY

Improvement in the broader risk backdrop sapped strength from the yen on Tuesday, as hopes for regulatory reprieve for China's tech sector & positive news re: Shanghai's COVID-19 situation came under scrutiny. Spot USD/JPY topped out at Y129.78 shortly after the European closing bell and pulled back sharply into the WMR fix, but remained above neutral levels.

  • Implied volatilities fell across the curve on Tuesday, with 1-week tenor down to a one-month low.
  • Spot USD/JPY deals at Y129.41, little changed on the day, with bulls looking to claim May 9 cycle high of Y131.35. Meanwhile, sales past May 12 low of Y127.52 would bring Apr 27 low of Y126.95 into play.
  • The Cabinet yesterday approved a Y2.7tn extra spending plan to help ease the burden from rising costs of living.
  • The Nikkei reported that the U.S. and Japan have begun working on a joint statement on a coordinated China strategy to be finalised during U.S. President Biden's visit to Tokyo next week.
  • Flash Q1 GDP report headlines the domestic data docket today, with final industrial output due later in the day.
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