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Political Headlines Continues To Grab Attention

JPY

USD/JPY has been happy to hug a tight range as trading got underway this week. The rate last operates at Y109.89, 5 pips shy of neutral levels.

  • Two fresh opinion polls showed that Japan's vaccine czar Taro Kono remains the favourite to become the next ruling party leader and Prime Minister. Kono launched his bid with a press conference last Friday, signalling that the government should not focus 2% price growth target in isolation, as he noted that "inflation reaches a certain level as a result of economic growth". Kono also said that his fiscal spending plans would be funded by JGBs.
  • Japanese data releases this week include BSI Survey & PPI (today), final industrial output (Tuesday), core machine orders (Wednesday) and trade balance (Thursday).
  • Should USD/JPY slide under Aug 31 & Sep 3 lows at Y109.59, bears would be able to take aim at Aug 24 low of Y109.59. Conversely, a jump above Sep 8/Aug 13 highs of Y110.45/46 would clear the way to Aug 11/Jul 7 highs of Y110.80/82.
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