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Outperforms As Core Yields Tumble

JPY

JPY was the winner by default through Thursday's session, as core global yields tumbled, particularly in the EU and UK post their respective central bank decisions. USD/JPY got close to 128.00 in NY trade, but we now sit back at 128.65/70, which is still +0.20% firmer in yen terms for Thursday's session. Highs for Thursday came in around the 129.10/15 level.

  • A weaker core yield backdrop is positive for the yen, given the BoJ's still easy policy backdrop settings.
  • USD/JPY continues to follow the US-JP 10yr swap spread closely. We were last at +229bps for this spread, down from +237bps at the start of the week.
  • On the data front today, it is just services PMI revisions for Jan that are on tap. The initial read came in at 52.4.
  • BoJ Deputy Governor Wakatabe, who's term ends in March, reaffirmed the case for continued easing yesterday.
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