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JPY Shows Some Resilience To Higher UST Yield Backdrop

JPY

Lows in USD/JPY in early London trading yesterday coincided with a trough in UST yields. The pair got just below 137.90 before spending the NY session generally pushing higher. We didn't get back above 139.00 though and currently track around 138.65/70.

  • Yen continues to follow UST yield momentum for the most part, but showed greater resilience to the recovery in yields through the NY session. For Tuesday's session the yen was the third best G10 performer behind NZD and AUD.
  • Today's data calendar contains IP figures for October. The market expects -1.8% m/m, similar to September's outcome. Note Toyota's global vehicle output fell in October, in part because of covid related restrictions in China. Later on housing starts for October print.
  • Elsewhere a military hot line between China and Japan, which is aimed at reducing tensions, will commence operating in 2023. Yesterday the Japan government announced a hike in military spending to 2% of GDP (by 2027), up from current levels around 1%.
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