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JPY Fluctuates, BoJ Gov Kuroda To Speak

JPY

USD/JPY has struggled for a clear direction thus far, with participants assessing the latest goings-on surrounding the Russo-Ukrainian geopolitical risk. The rate last trades at Y115.32, down 10 pips on the day.

  • A clean break under Feb 11 low of Y115.02 would allow bears to set their sights on Feb 2 low of Y114.16. Conversely, a rebound above Feb 10/Jan 4 highs of Y116.34/35 would confirm a resumption of a broader uptrend.
  • The government is mulling raising the daily cap on the number of international visitors to 5,000 from 3,500, according to Dep Chief Cabinet Secretary Kihara. This comes after PM Kishida noted that Japan will consider relaxing border controls in response to requests from businesses and students.
  • Preliminary GDP data & final industrial output are due tomorrow, trade balance hits the wires Thursday, with national CPI coming up Friday. Elsewhere, BoJ Gov Kuroda will appear before lawmakers later this morning.
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