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Yen Gets Little Joy From Risk Off Equity Moves

JPY

USD/JPY did see some weakness through overnight session on Friday, as broader equity market sentiment faltered, but dips sub 136.50 were supported. We finished in NY above 137.60 and we have pushed higher this morning. We last tracked at 137.95/00. This is fresh highs for the pair back to late July.

  • The yen is taking its cue from broader USD momentum and the elevated yield backdrop, with not a great deal of support from the risk off move in equities.
  • This is more evident in the cross space, with the JPY outperforming some of the commodity bloc, but moves have not been large.
  • BoJ Governor Kuroda stuck to the well-worn script at Jackson Hole around maintaining loose policy until wages/price data are posting sustainable gains. This, at the margin, continues to highlight the policy divergence with the US.
  • The domestic data calendar contains the leading and coincident indices for June (final readings), which are unlikely to move market sentiment.
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