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Tokyo CPI Eyed

JPY

USD/JPY wavered on Thursday as broader risk aversion increased demand for safe haven currencies, allowing both the U.S. dollar and the yen to outperform the rest of the G10 pack. The pair has been treading water in early trade and last sits at Y110.05, just shy of neutral levels.

  • Japan's ex-Foreign Min Fumio Kishida entered the LDP leadership race on Thursday, presenting the most serious challenge to PM Suga as of yet, albeit the Premier has already secured the backing of a couple of powerful factions.
  • The government maintained their assessment of the economy in the monthly report from the Cabinet Office, despite the latest expansion of Covid-19 state of emergency.
  • Should USD/JPY manage to stage a breach of Aug 13 high of Y110.46, bulls would be able to take aim at Aug 11/Jul 7 highs of Y110.80/82. On the downside, a fall through Aug 24 low of Y109.41 would expose Aug 16 low of Y109.11.
  • Monthly Tokyo CPI report headlines the local docket today, while next week focus will move to retail sales (Monday), unemployment & flash industrial output (Tuesday) as well as capex & company profits/sales (Wednesday).
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