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Japanese FinMin Officials To Meet With Investors, Bond Dealers

JPY

USD/JPY ground lower Wednesday, even as it was a Gotobi Day in Japan, before edging back towards neutral levels late doors. The rate finished little changed on the day, with activity already limited ahead of the Thanksgiving holiday.

  • Finance Ministry officials will hold meetings with investors and primary bond dealers today, which may shed some light on Japan's upcoming third extra budget and debt issuance plans.
  • The Nikkei reported that Japan will extend employment subsidy programme until the end of Feb. In another report, the newspaper said that Tokyo metropolitan gov't will sell Y60bn of coronavirus bonds.
  • The pair last trades at Y104.38, 8 pips worse off. Bears see Nov 18 low of Y103.65 as their initial target, a break here would open up Nov 6/Mar 12 lows of Y103.18/09. Bulls need a clearance of Nov 24 high of Y104.76, before taking aim at 50-EMA at Y104.92.
  • On the data front, focus moves to Tokyo CPI, due Friday.
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