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Tokyo To Raise Covid Alert Level As Japan Reports Record Surge In Infections

JPY

USD/JPY traded on the back foot Wednesday, as the greenback went offered across the board, while the yen attracted some demand on the back of broader risk aversion.

  • The yen has lost shine this morning, with USD/JPY last seen +6 pips at Y114.39. Bulls look to a move through Jan 18 high of Y115.06 before setting their sights on Jan 11 high of Y115.68. On the flip side, bears would be pleased by a dip through Jan 14/76.4% retracement of the Nov 30 - Jan 4 rally at Y113.49/43.
  • Japan's trade surplus narrowed more than expected in December, while annual growth in exports moderated to 17.5% Y/Y but still exceeded the median estimate.
  • Daily Covid-19 cases topped 40,000 for the first time on record, with the upsurge driven by the Omicron variant. Yomiuri reported that the Tokyo Metropolitan Government plans to raise its Covid-19 alert to the highest level, with the decision due to be formalised today.
  • Reminder that Japan will publish national CPI data tomorrow.
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