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Local Catalysts Few And Far Between

JPY

Wednesday's rally in USD/JPY was underpinned by broader demand for the greenback ahead of the end of the month & long weekend in the U.S. The rate printed a fresh one-week high as a result.

  • Japanese gov't cut its assessment of the economy Wednesday, following an extension & expansion of the Covid-19 state of emergency. The Cabinet Office judged that the economy is still improving, but some parts of it are showing weakness.
  • The Nikkei reported that Japan wants to extend employment subsidy programme through the end of July.
  • Unemployment & Tokyo CPI, due Friday, headline the local Japanese docket during the remainder of this week.
  • USD/JPY last sits at Y109.12, just shy of Wednesday's close. A break above May 13 high of Y109.79 would open up Apr 9 high of Y109.96. On the downside, should May 7 low of Y108.34 give way, bears could target Apr 23 low of Y107.48.
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