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(M2) Correction Extends


Late Session Rebound


(M2) Corrective Cycle Remains In Play


(M2) Gains Still Considered Corrective

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USD/JPY sits slightly below neutral levels, last -8 pips at Y106.49 amid broader greenback underperformance. The yen also trades on the back foot against most of its G10 peers, but fares better than USD, as the region reacts to Friday's market moves.

  • Japan lifted the state of emergency in Aichi, Gifu, Osaka, Kyoto, Hyogo, and Fukuoka ahead of schedule, while leaving it in place in Tokyo and the neighbouring Chiba, Kanagawa, and Saitama, pending improvement in their Covid-19 situation.
  • However, officials decided that the Go To Travel campaign will remain suspended even after the current emergency declaration expires on Mar 7.
  • The Yomiuri reported that Japan's environment ministry considers introducing a new carbon tax or raising the existing tax on fossil fuel imports, adding that any tax hike would be gradual.
  • Looking ahead, $1.65bn of options with strikes at Y106.45 roll off today.
  • A fall below Feb 23 low of Y104.92 is needed to give bears some reprieve and signal potential for a broader reversal. Bulls look for a jump above Feb 26 high of Y106.69, before focus moves to the upper 1.0% 10-DMA envelope/Aug 28, 2020 high at Y106.91/95.
  • Japan's final Jibun Bank M'fing PMI headlines the local docket today. Focus then turns to unemployment, capex & company profits/sales (Tuesday), final Jibun Bank Services/Composite PMIs (Wednesday) and consumer confidence (Thursday).
MNI London Bureau | +44 203-865-3806 |
MNI London Bureau | +44 203-865-3806 |

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