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Rebounds, Leads G10 Moves Higher Against The Dollar

JPY

Yen was comfortably the best performer against the USD through Thursday's session (+1.09%). USD/JPY fell below 133.00 in NY trading, against closing levels on Wednesday around 134.50. We currently track close to 133.00. Yen bulls will look for a move to 132.32, the Dec 26 low.

  • US yield momentum has stalled somewhat, although more so towards the back end of the curve, which helped yen at the margins. Slightly softer US claims data likely helped these trends, while broader risk sentiment was buoyed after reports Italian health officials haven't found any new covid variants among China arrivals. Despite firmer equities, the yen still outperformed on crosses.
  • The other focus point will be the BoJ policy outlook into early 2023. The BoJ had several unscheduled bond buying rounds yesterday to defend its policy parameters, but reports from yesterday that former BoJ Deputy Governor Yamaguchi is emerging as potential replacement for Kuroda could also have aided yen sentiment.
  • The local data calendar remains empty until the new year.
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