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JPY Volumes Surge, USD/JPY Falters as BoJ Seen Wary on YCC Tweak

JPY
  • USD/JPY undergoes a sharp bout of volatility as BBG cites sources in reporting that the Bank of Japan are said to be wary in any tweak of yield curve control in April, with the smoother curve said to suggest no need for a policy move for now. The piece adds that the bank are said to be mulling if a guidance change can wait or not.
  • Volumes surges across futures markets, which see over 10k contracts trade inside two minutes - for a cash equivalent of just short of $1bln.
  • The pair spikes to touch 135.13 before fading sharply and settling lower, dropping around 35 pips off the high.
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