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JPY Firmer for Second Session as Authorities Step Up Jawboning

FOREX
  • USD/JPY slipped to a session low following the release of a joint statement made by the MoF, FSA and BoJ. The statement clarified that the authorities had a meeting after the sudden move in the JPY, stressing that the authorities will watch the FX moves even more carefully, and with a sense of urgency.
  • The statement is just jawboning for now, but looked like a modest step-up in language/urgency. The phrasing on intervention, however, looked broadly inline with the communication on currency back in late April, when the MoF stressed that recent FX moves warrant extreme concern, and will respond appropriately on FX if needed.
  • Elsewhere, EUR/USD is extending the post-ECB pullback, with the pair showing below 1.06 for the first time since mid-May. The step lower in the currency remains dislocated from the run higher in rate expectations, with year-end rate expectations hitting a contract high yesterday at 0.89%.
  • Focus turns to the US CPI release, with markets expecting CPI to pick up to 0.7% on the month, although core prices are seen moderating on a M/M and Y/Y basis. Full MNI preview here: https://marketnews.com/mni-us-cpi-preview-moderati...
  • Preliminary Uni of Michigan confidence also crosses, as well as Canada's May jobs report.
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