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Sticking To Familiar Ranges For Now

JPY

Yen finished slightly weaker for Tuesday's session, off by around 0.30% against the USD. USD/JPY tracked familiar ranges post the Asia close though. The pair was unable to breach the 132.50 level, while on the downside, moves towards 131.70 found support. We currently track around the 132.20 level.

  • The firmer tone to core yields, with US cash Tsys 3-9bps firmer across the curve, likely weighed on the yen at the margin. Correlations with yield spreads and the yen don't appear that strong though since the start of the year.
  • Elsewhere, China has stopped issuing visas for travelers from Japan. This follows a similar move against South Korea and is China's response to both countries placing restrictions on inbound arrivals from China.
  • The local data calendar just has the leading and coincident index prints for November, which print later. Neither release should shift market sentiment.
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