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Sukuzi Comments In Focus Ahead Of Yellen Meeting

JPY

JPY has been aided by comments from Japan Finance Minister Suzuki, which appeared to nudge higher concern around the yen. Risk off flows are also benefiting the yen.

  • Specifically, Suzuki noted the sudden weakening in the yen and feeling concerned. This latter comment around 'concern' appears an uptick in terms of language used around the yen.
  • Other comments in terms of ‘will take appropriate steps if necessary on FX’ is line with what has been said previously.
  • Note Suzuki is scheduled to meet US Treasury Secretary Yellen later today. FX may form part of the discussion.
  • USD/JPY is around 0.25% below NY closing levels. Last at 137.10. We got close to the 137.00 level earlier. Yen is generally outperforming today, as risk off flows dominate.
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