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Japanese Markets Reopen With Y115.00 Figure In Play

JPY

Firmer U.S. Tsy yields pushed USD/JPY above the Y115.00 threshold for the first time in four years, with liquidity in JPY crosses sapped by a public holiday in Japan.

  • The rate has extended gains this morning, as local markets reopened. USD/JPY trades +4 pips at Y115.18 and bulls take aim at Mar 10, 2017 high of Y115.51. Conversely, a fall through Nov 19 low of Y113.59 would give bears some reprieve.
  • Jiji reported that the BoJ is considering reducing its Covid-19 response measures, such as corporate bond and commercial paper purchases, from April. The decision could be made as soon as next month or in January.
  • Preliminary readings of Japan's Jibun Bank PMIs for this month will hit the wires at the bottom of the hour. Looking further afield, Tokyo CPI will be released on Friday.
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