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Participants dumped the yen Monday as latest communique surrounding Russo-Ukrainian talks offered some hope for progress, despite Moscow's continued atrocities on the ground. Firmer U.S. Tsy yields helped push USD/JPY higher, with the rate piercing the Y118.00 figure on its way to fresh multi-year highs.

  • The rate operates at Y118.26, up 7 pips on the day, with topside focus falling on Jan 4, 2017 high of Y118.19. A breach of that level would open up Jan 3, 2017/Dec 15, 2016 highs of Y118.60/66. Bears look for a pullback under former resistance area located at Y116.35/34.
  • LDP lawmakers told Kyodo that the party will hold internal discussions on nuclear weapons sharing with the U.S., despite PM Kishida's explicit pushback against the idea.
  • Trade balance & final industrial output (Wednesday), core machine orders (Thursday) & national CPI (Friday) take focus on the data front this week. Elsewhere, the BoJ will deliver its monetary policy decision on Friday.
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