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Why MNI
MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.
JPY
Headlines from Japan Finance Minister Suzuki have crossed, with the minister stating that FX moves are being watched closely and that FX rates should be set by the market and reflect fundamentals.
- USD/JPY was down a touch on these comments. The pair moved from just above 140.00 to a low of 139.90, but there hasn't been any further follow through. The pair is now back above 140.00.
- The comments come after USD/JPY has rallied back to levels last seen in Nov 2022. The pair is tracking higher for the third straight week and has only fallen in 2 weeks out of the last 9.
- In NEER terms the JPY continues to track lower as well, also back to Nov lows, but above lows seen in Oct, see the chart below.
Fig 1: JPY NEER (J.P. Morgan) Tracking Lower But Above Oct 2022 Lows
Source: J.P. Morgan/MNI - Market News/Bloomberg
Why MNI
MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.
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