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USD/JPY sank Thursday as risk appetite moderated and participants flocked into safe haven currencies. The yen gained across the board, which initially coincided with an abrupt sell-off in the Nikkei 225. Market sentiment was undermined by familiar inflation worry coupled with questions surrounding the Evergrande crisis.
- USD/JPY operates at Y113.96, little changed on the day. Further losses past Oct 15 & 21 lows of Y113.65 would clear the way to Oct 12 low, located at the round figure of Y113.00. Conversely, a jump above Oct 20 high/Nov 6, 2017 high of Y114.70/73 would expose Mar 10, 2017 high of Y115.51.
- Tokyo and Osaka governments said they will relax some Covid-19 restrictions from Monday amid continued decline in infections, despite concerns about a potential resurgence in winter.
- Elsewhere, RTRS sources noted that "the Bank of Japan is discussing phasing out a COVID-19 loan programme if infections in the country continue to dwindle, potentially setting the bank up to exit a key crisis-mode policy sooner than investors expect."
- Japanese inflation report hits the wires at the bottom of the hour and Bloomberg consensus looks for another almost flat reading of core CPI. Later in the day, focus will turn to a slew of flash Jibun Bank PMIs.
- Looking further afield, the BoJ will deliver their monetary policy decision next Thursday. Retail sales will be published on the same day, with Tokyo CPI, unemployment & flash industrial output due next Friday.