-
Policy
Policy
Exclusive interviews with leading policymakers that convey the true policy message that impacts markets.
LATEST FROM POLICY: -
EM Policy
EM Policy
Exclusive interviews with leading policymakers that convey the true policy message that impacts markets.
LATEST FROM EM POLICY: -
G10 Markets
G10 Markets
Real-time insight on key fixed income and fx markets.
Launch MNI PodcastsFixed IncomeFI Markets AnalysisCentral Bank PreviewsFI PiFixed Income Technical AnalysisUS$ Credit Supply PipelineGilt Week AheadGlobal IssuanceEurozoneUKUSDeep DiveGlobal Issuance CalendarsEZ/UK Bond Auction CalendarEZ/UK T-bill Auction CalendarUS Treasury Auction CalendarPolitical RiskMNI Political Risk AnalysisMNI Political Risk - US Daily BriefMNI Political Risk - The week AheadElection Previews -
Emerging Markets
Emerging Markets
Real-time insight of emerging markets in CEMEA, Asia and LatAm region
-
Commodities
Commodities
Real-time insight of oil & gas markets
-
Credit
Credit
Real time insight of credit markets
-
Data
-
Global Macro
Global Macro
Actionable insight on monetary policy, balance sheet and inflation with focus on global issuance. Analysis on key political risk impacting the global markets.
Global MacroDM Central Bank PreviewsDM Central Bank ReviewsEM Central Bank PreviewsEM Central Bank ReviewsBalance Sheet AnalysisData AnalysisEurozone DataUK DataUS DataAPAC DataInflation InsightEmployment InsightGlobal IssuanceEurozoneUKUSDeep DiveGlobal Issuance Calendars EZ/UK Bond Auction Calendar EZ/UK T-bill Auction Calendar US Treasury Auction Calendar Chart Packs -
About Us
To read the full story
Sign up now for free trial access to this content.
Please enter your details below.
Why MNI
MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.
Real-time Actionable Insight
Get the latest on Central Bank Policy and FX & FI Markets to help inform both your strategic and tactical decision-making.
Free AccessRisk Reprieve Sends Yen To New 24-Year Lows
Spot USD/JPY refreshed its 24-year highs on Tuesday as continued recovery in risk sentiment and a decline in VIX index reduced demand for safe haven assets.
- A further uptick in U.S. Tsy yields after the public holiday in the U.S. facilitated the move in USD/JPY, as the spread with yields on JGBs widened anew, amid the BoJ's defiance of the global hawkish charge.
- The rally in spot USD/JPY was somewhat at odds with signals from the options space, as 1-month risk reversal faltered into European hours and only partially trimmed losses later in the day.
- Continued yen weakness runs the risk of becoming politicised as Japan enters campaign season ahead of the July 10 upper house election. Opposition CDP leader is already using the term "Kishida inflation" to associate the Prime Minister's support for ultra-easy monetary policy with yen weakness and resultant price increases.
- USD/JPY last deals at Y136.50, a touch lower on the day, with bulls looking for renewed gains above yesterday's high of Y136.70, followed by Oct 30, 1998 high of Y136.88. Conversely, key short-term support is at Y131.50, the low print of Jun 16.
- The remaining highlights on Japan's data docket for this week are flash Jibun Bank PMIs (Thursday) & national CPI (Friday).
- Elsewhere, the BoJ will publish the minutes from its April monetary policy meeting today, with Board member Amamiya set to speak on Friday.
Fig. 1: USD/JPY vs. U.S. 10-Year Tsy Yield (%)
Source: MNI - Market News/Bloomberg
To read the full story
Sign up now for free trial access to this content.
Please enter your details below.
Why MNI
MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.