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JPY The Focal Point as Markets Gear for New BoJ Governor

FOREX
  • JPY has been the focal point of the Friday session, rallying on the back of local press reports that University of Tokyo academic and former BoJ board member Kazuo Ueda is to be nominated as the BoJ governor next week. The reports added that Amamiya - former frontrunner for the role - had turned down the nomination, to which markets responded by bidding JPY higher.
  • USD/JPY slipped over 150 pips in the initial response, putting the pair at 129.81, before staging a recovery as wires cited Ueda comments in favour of policy continuity in the short-term.
  • SEK sits at the other end of the G10 table, weaker against most others as markets very modestly backtrack the Thursday post-Riksbank strength.
  • NOK found a minor bid on the back of higher-than-expected inflation figures. CPI-ATE rose to 6.4% - uncomfortably higher than the Norges Bank's December projections. The release bolsters the case for a March 25bps rate hike, and raises concerns over the need for further tightening beyond this quarter.
  • Focus Friday turns to the Canadian jobs report, with markets expecting a net change in employment of +15k and a higher unemployment rate at 5.1%. Prelim University of Michigan sentiment also crosses, at which markets expected 1yr inflation expectations to tick higher to 4.0% from 3.9%.
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