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JPY: Yen Outperforming Despite Positive Equity Backdrop

JPY
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Yen continues to see modest outperformance in the G10 space. USD/JPY was last under 146.45, around 0.30% stronger in yen terms. Session lows rest at nearby at 146.36. 

  • Yen gains are generally going against the firmer local equity backdrop, while HK equities are also up strongly, and US futures are in positive territory. US yields are lower, but only a touch and away from session lows.
  • BBG report earlier ex BoJ board Masai stating the central bank will continue to seek the best timing to raise rates. Efforts by the new Japanese cabinet to show PM Ishiba and the BoJ are aligned (after Wednesday's fallout on dovish Ishiba remarks) may also curbing upside enthusiasm for USD/JPY.
  • The new government will also compile new budget measures to help households deal with cost of living pressures. A supplementary budget will be prepared after lower house elections on Oct 27 (see this Reuters link).   
  • Next week's local data focus will be on Tuesday's August labour earnings data. 
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Yen continues to see modest outperformance in the G10 space. USD/JPY was last under 146.45, around 0.30% stronger in yen terms. Session lows rest at nearby at 146.36. 

  • Yen gains are generally going against the firmer local equity backdrop, while HK equities are also up strongly, and US futures are in positive territory. US yields are lower, but only a touch and away from session lows.
  • BBG report earlier ex BoJ board Masai stating the central bank will continue to seek the best timing to raise rates. Efforts by the new Japanese cabinet to show PM Ishiba and the BoJ are aligned (after Wednesday's fallout on dovish Ishiba remarks) may also curbing upside enthusiasm for USD/JPY.
  • The new government will also compile new budget measures to help households deal with cost of living pressures. A supplementary budget will be prepared after lower house elections on Oct 27 (see this Reuters link).   
  • Next week's local data focus will be on Tuesday's August labour earnings data.