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Russia Turmoil In Driving Seat

JPY

USD/JPY see-sawed at the start to the week as the impact of ramped-up Western sanctions against Russia reverberated across financial markets. The rate round-tripped from an intraday high of Y115.78, losing ground later in the day as U.S. Tsy yields retreated.

  • The Nikkei reported that Japan will join its G7 peers and freeze the yen-denominated assets of Russia's central bank worth tens of billions of dollars. Data from June 2021 showed that the CBR's holdings of yen-denominated assets accounted for about 6% of its FX reserves.
  • Local data highlights during the remainder of this week include capex & company profits/sales (Wednesday), comments from BoJ's Nakagawa (Thursday) and jobs data (Friday).
  • USD/JPY trades at Y115.04 at typing, up 5 pips on the day. A jump above Feb 15 high of Y115.87 would allow bulls to take aim at Feb 10/Jan 4 highs of Y116.34/35. Bears keep an eye on Feb 24 low of Y114.41 and a break here would expose Feb 2 low of Y114.16.
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