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Lower Yields, Equities & Commodities All Aid Yen Outperformance

JPY

Yen was the best performer within the G10 for Wednesday's session, rising just under 1.40%. The yen benefited from Fed hints of a potential pause (with US yields lower, led by the front end), along with weaker equity sentiment. The CHF was the next best at just over +1% against the USD. Yen was volatile through the FOMC decision and as the press conference got underway, but maintained a positive bias.

  • We sit at 134.60/65 currently, just below NY closing levels. A reminder that Japan markets remain closed for the rest of the week.
  • We aren't too far away from pre-BoJ levels from last Friday around the high 133/low 134 region. We are also 2.3% down from Tuesday highs near 137.80.
  • The softer commodity price backdrop, particularly in terms of oil, also aided the yen from a cross standpoint. AUD, NZD and CAD were the weakest performers in the G10 space for Wednesday's session.
  • AUD/JPY is back below 90.00, last in the 89.80/90 region. Recent highs above 92.00 were capped by the 200-day MA.
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