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JPY Offered, EUR/JPY Touches Fresh Multi-Decade Highs

FOREX
  • With markets geared for a potential formal tweak to yield curve control, asset markets were disappointed by no headline change to policy, and merely a more flexible approach to policy-setting. Resultingly, markets have interpreted the decision dovishly, tipping JPY lower against all others in G10. USD/JPY is rallying back toward the cycle highs at 150.78, while EUR/JPY makes a clear break to cycle highs.
  • EUR/JPY rallied to 160.15 this morning, breaking to the highest levels since August 2008.
  • NOK sits offered on the back of the Norges Bank FX sales being upped to NOK 1.4bln/day from NOK 1.2bln prior - EUR/NOK hits session highs, aided by the rallying EUR, but USD/NOK also on the front foot, recovering off the overnight low of 11.1306.
  • EUR/NOK showing through the late October high to print the best levels since early July. Likely to place further pressure on the I-44 import-weighted FX rate, which printed at 122.11 yesterday, in close proximity to multi-month highs from Oct26.
  • EUR is modestly outperforming along with SEK, benefiting from the steadier market backdrop as futures point to a positive open on Wall Street later today.
  • Focus ahead turns to the Japanese confirmation of potential FX intervention across October at 1000GMT/0600ET, with MNI Chicago PMI the highlight on the data docket.
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