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JPY Volatility Surges as BoJ Adapt Yield Approach

FOREX
  • JPY volatility surged overnight on the BoJ decision, at which the Bank surprised markets by tweaking yield curve control. The Bank are now to see the 0.5% ceiling for 10y rates as a reference point, and not a rigid limit - thereby signalling a change to the long-standing stance. The move had been trailled by a Nikkei news story late on Thursday, however significant market volatility still followed, with USD/JPY over 200 pips before fading into the European crossover.
  • JPY is left mixed against most others headed into NY hours, however has been the currency in the spotlight so far Friday.
  • GBP is firmer against all others in G10, allowing GBP/USD to recover off the overnight low. Nonetheless, most of G10 remains weaker against the USD after yesterday's sharp greenback rally. AUD and NZD are the poorest performers, with AUD/USD breaking a series of key supports to hit the lowest levels since early July.
  • Focus for the coming session rests on the national prelim German CPI release, followed by Canadian GDP and US personal income/spending data. The final reading for University of Michigan sentiment rounds off the week, with markets focusing on any inflation expectations revisions as they begin to capture the soft July CPI.
MNI London Bureau | +44 203-865-3809 | edward.hardy@marketnews.com
Energy BulletsCommodities
MNI London Bureau | +44 203-865-3809 | edward.hardy@marketnews.com
Energy BulletsCommodities

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