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The JPY has garnered a modest bid on the back...>

YEN
YEN: The JPY has garnered a modest bid on the back of a sharp sell off in the
JGB space, although the moves in JPY crosses have been very limited.
- 10-Year JGB yields last 4.6bp higher at 0.108%.
- There was no particular fresh catalyst for the move, but the space has eased
since Kuroda suggested that yields would be allowed to fluctuate by around
double the amount that was previously prescribed in his press conference
Tuesday, while positioning may have exacerbated the bid in JGBs on Tuesday.
- Global bonds also moved lower, with T-Notes & Aussie Bonds printing fresh
lows.
- USD/JPY last Y111.77, initial support is located at Tuesday's hourly low
(Y111.07).
- EUR/JPY last Y130.66, eyes on old resistance at Tuesday's daily Tenkan line
(Y130.28).
MNI London Bureau | +44 0203-865-3809 | anthony.barton@marketnews.com
MNI London Bureau | +44 0203-865-3809 | anthony.barton@marketnews.com

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