Range Near 300pips So Far Today, Yen Crosses Stumble Ahead Of Monday Highs

USD/JPY is comfortably off earlier highs, the pair last near 144.90. Earlier we got to 146.36, so not too far from early Monday highs. We still sit down in yen terms for the session (-0.50%). Early lows in the pair were at 143.63, leaving the pair with a 273pip range so far today.

• Cross asset wise, regional equities are firmly higher, albeit off best levels, likewise for US equity futures. Japan markets are +9% firmer, so not offsetting yesterday's -12% fall. US yields higher up by 3-5bps, with the back end outperforming.
• The yen is still down against higher beta plays like AUD and NZD, but away from earlier lows. AUD/JPY got to 95.50 earlier (which was just short of Monday's 95.65 high) but is now back to 94.40. It has been a similar backdrop for NZD/JPY.
• Japan officials have been on the wires talking up the surge in real wages, stating that more gains should spread to other part of the economy (per RTRS). This followed the earlier stronger than expected June labour earnings data.