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Edges Lower, Gotobi Day Today

JPY

USD/JPY eked out some gains Wednesday, even as continued fiscal stalemate in DC & increasing Brexit angst weighed on risk appetite. That said, the rate pulled back from highs in U.S. hours in sync with equity benchmarks on Wall St., following some negative news for the U.S. tech sector. U.S. Federal Trade Commission and a coalition of states filed a lawsuit against Facebook, seeking the unwinding of the company's acquisition of WhatsApp and Instagram. Elsewhere, J.P. Morgan deemed Tesla "dramatically" overvalued.

  • Japan's daily Covid-19 case tally eclipsed a previous record high on Wednesday.
  • AT&T agreed to sell its Crunchyroll anime business to Funimation Global Group, a joint venture between Sony Pictures Entertainment & Sony Music Entertainment's subsidiary, Aniplex.
  • Japanese PPI matched expectations in Nov, while BSI Large M'fing & Large All Industry indices recovered to 21.6 & 11.6 respectively, with the m'fing gauge reaching the highest level in BBG data series.
  • The rate last sits +3 pips at Y104.26 and it is worth flagging that it's a Gotobi day today. Bulls look for a break above Nov 4 high of Y104.76 before taking aim at the 76.4% retracement of the Nov 11 - 18 sell-off at Y105.20. Bears look for a dip through Nov 18 low of Y103.65, followed by Nov 6/Mar 12 lows of Y103.18/09.
  • Little of note left on the Japanese docket this week.
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