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Politics Dominates Local News Flow As Elections Draw Near

JPY

USD/JPY ground lower in early trade Tuesday, before staging a rebound into the WMR fix amid month-end flows. The rebound seemed driven by the greenback side of the pair, as it coincided with an upswing in the DXY.

  • Reports surrounding Japanese politics continue to do the rounds with the LDP leadership race and the general election drawing near. PM Suga reportedly plans to announce replacements of some Cabinet members and LDP executives early next week.
  • Ex-BoJ Board member Momma told BBG that the central bank "will keep pumping out stimulus regardless of any shift in the nation's political leadership as a result of upcoming elections of any Federal Reserve tapering moves".
  • Japanese Q2 capex & company profits/sales as well as final August Jibun Bank M'fing PMI are all due today. BoJ Dep Gov Wakatabe is set to appear today, with a speech from his colleague Kataoka coming up Thursday.
  • USD/JPY last operates at Y110.00, little changed on the day. Should bulls manage to force a break above Aug 27 high of Y110.27, they would be able to take aim at Aug 13 high of Y110.46. On the flip side, a dip through Aug 24 low of Y109.41 would bring Aug 16 low of Y109.11 into play.
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