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Why MNI
MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.
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Free AccessJPY Outperforms On Risk Aversion & Official Rhetoric
JPY outperformed post the Asia close. Dipping sub 134.00, after touching earlier highs above 135.00. We currently sit just below 134.40. JPY is the best performer within the G10 FX space since the start of the week.
- Whilst USD/JPY looks too low relative to the continued sell-off in US fixed income, it received support from the risk off tone in equity markets and increased rhetoric around currency weakness.
- To recap, Kuroda's comments around recent depreciation being undesirable and negative for the economy, helped drag USD/JPY back below 135.00 yesterday. This followed written comments from Japanese officials last Friday stating concern around the pace of depreciation and that they will take action if necessary.
- All of this may do little to change the yen trend, with the Fed-BoJ policy divergence likely to be on full display this week. Friday's BoJ meeting is not expected to deliver any meaningful changes, but FX could be a stronger focus point.
- Also, in focus today will be Japan yields. The BoJ will buy an additional 500bn yen of JGBs today, as it looks to defend the upper end of its 10yr yield target of 0.25%, which was breached yesterday.
- Data on tap today is capacity utilization and industrial production.
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Why MNI
MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.