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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 AccessUSD/JPY - Eyeing 135.50 Test
The yen remained on the backfoot post the Asia close on Friday, we got close to 135.50, before settling back at 135.00. We have pushed higher in early trade today, back to 135.20.
- Weekend news showed support for BoJ's policy stance from Japan's ruling coalition. PM Kishida stated a rate rise may hurt the SME sector and that the government should take action to stem price rises.
- The latest opinion polls show the cabinet approval rating fell by 5ppts to 48%. Higher prices/cost of living pressures was the main driver of this result.
- There are upper-house elections in Japan on July 10, although the ruling LDP-coalition is expected to maintain a majority.
- USD/JPY looks a little high relative to US yield levels, but the market seems likely to test the authorities resolve around FX levels
- A test of the 135.50/60 region, which was the recent cyclical high, is likely to be the near-term focus at the start of this week.
- The local data calendar just has Tokyo condominium sales on tap today.
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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.