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Near Mid-Point Of YTD Range

JPY

Yen finished Friday's session around 1% higher against the USD, although lagged most other majors. USD/JPY currently sits around 132.05, slightly below the mid-point of its range year to date. We were tracking towards 135.00 prior to US data on Friday (the 200-day EMA comes in at 134.84), while early 2023 lows come in around 129.50.

  • The strong risk on tone in major equity indices through Friday's session likely drove some yen underperformance on a cross basis. Japan PM Kishida also stated careful explanation and communication with markets would be important ahead of any changes in BoJs policy stance.
  • To recap, Bloomberg reported late on Friday that the central bank is in little rush to follow up with further policy adjustments after the December meeting.
  • The domestic data calendar is empty today, but we swing back into gear tomorrow with Dec Tokyo CPI prints.
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