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MNI: US HOUSE FINANCIAL SERVICES ANNOUNCES HEARING ON SVB, SIG

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Outperforms As Core Yields Tumble

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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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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.