Kuroda's Address Eyed, Snips From Kishida's Policy Speech Trickle Through

USD/JPY whipsawed Wednesday, with both sides of the pair holding firm, even as U.S. equity benchmarks managed to reverse initial losses in NY afternoon. The rate finished the day a handful of pips shy of opening levels.

• NHK reported that Tokyo's Covid-19 panel is planning to lower the medical system alert level one notch from the current highest level at today's meeting.
• Participants look ahead to BoJ Gov Kuroda's speech at the branch managers' meeting today, before focus turns to Friday's BoP current account balance and earnings/spending data.
• Worth flagging that on Friday PM Kishida will deliver his first policy speech in the National Diet. The Premier is expected to outline policies based on his "new capitalism" approach and pledge a revision of national security strategy.
• Bulls look to a move through Sep 30 high of Y112.08 before taking aim at Feb 20, 2020 high of Y112.23. On the flip side, a fall through Oct 4 low/Aug 11 high of Y110.82/80 would allow bears to set their sights on Aug 16 & Sep 15 lows of Y109.11.