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JPY Outperforms G10, BoJ Focus Of Early 2023

JPY

JPY outperformed the G10 against the USD during Friday’s NY session and over Monday. USDJPY has started the session a bit higher but is still down 0.3% from Friday’s close and is trading around 130.77. It reached a low of 130.63 on Monday.

  • AUDJPY is trading close to its recent low at around 88.88. JPY has lost some ground against the euro today and is around 139.5.
  • The focus in early 2023 is likely to remain on BoJ policy developments, especially after last week’s unscheduled bond buying. A Nikkei survey this morning also reported 59% of food & necessity producers surveyed planned to raise their prices or reduce sizes.
  • There is nothing in the local data calendar today. The highlights of the week are likely to be the final PMI readings for December on Wednesday and Friday before December CPI data on January 10.
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