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Dips Sub 144.00 Supported, Nov Labor Earnings Data Out Today

JPY

USD/JPY didn't see fresh lows post the Asia close on Tuesday, with dips back towards 143.65 supported. We climbed back to 144.50 by the NY close, which is where we track in early trade today, leaving yen modestly weaker for the Tuesday session (-0.20%).

  • USD gains were broad based, which spilled over to yen weakness, while equity softness didn't benefit yen a great deal, although it did outperform on some crosses.
  • US yields stuck to recent ranges as markets await key inflation data. The 10yr yield holding above 4.00%.
  • Locally today we have Nov Labor cash earnings data. The market consensus doesn't look for much change relative to the Oct outcomes. Nominal earnings are projected at 1.5% y/y, real earnings at -2.0% y/y. Positive real wage gains are seen as a key input into the BoJ achieving its inflation target sustainably.
  • Note the following option expiries for NY cut later for USD/JPY: Y143.50-55($831mln), Y144.00-05($1.7bln), Y144.50($622mln), Y145.00($1.9bln).
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