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JPY Rebounds In Early Asia Pac Trade

JPY

USD/JPY has tracked lower in the first part of Tuesday's session. The pair was last at 131.05/10, around 0.40% firmer in yen terms for the session so far. This unwinds some of the underperformance seen on Monday, with other G10 currencies only around +0.10/0.15% higher against the USD at this stage.

  • No fresh catalyst is evident for the move. US cash Tsy yields are a touch lower in early dealings, -0.3/-1.3bps lower across the curve. This is likely helping at the margins.
  • Recall yesterday lows in USD/JPY were around the 130.50 level, while highs came in close to 131.80.
  • 1 month USD/JPY vols are close to recent lows, last near 12.15%. In the risk reversal space, we sit slightly higher, last near -1.69, with moves below -2.00 not sustained in recent weeks.
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