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Limited Fallout From Weaker Yen Levels Post BoJ

ASIA FX

Higher USD/JPY levels post the BoJ have only had a limited impact on USD/Asia pairs to date.

  • USD/CNH isn't too far off session highs, last at 7.1460, but has been unable to crack the 4.1500 level (session highs at 4.1491). Onshore equities have struggled for positive territory but are above session lows. Just above 7.1520 rests the simple 200-day MA.
  • 1 month USD/KRW got to earlier highs near 1307, but we now sit back at 1302, slightly above NY closing levels from Monday. Offshore equity flows have been maintained, now $-126mn.
  • Most other USD/Asia pairs sit slightly higher in spot terms, but moves are modest at this stage.
  • MYR is firmer to the tune of 0.40% (USD/MYR last under 4.6800), with firmer oil prices likely helping at the margin.

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