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USD/JPY Back Above 140.00, As US Yields Rebound, Lots Of Local Data On Tap

JPY

Yen ended Wednesday's session the second worst performer within G10 FX. We got to 140.25 late in the NY session, losing 0.36% for the session. We sit slightly below Wednesday session highs in early dealings today, last around 140.05/10. A sharp rebound in US yields, amid spillover from the surprise BOC hike and planned US issuance at the short end, driving the move.

  • The US 2yr got to 4.60% in NY trade, but finished back close to 4.56%, the 10yr finishing closer to session highs near 3.80%. The intra-day correlation between US yield and USD/JPY moves remains firm.
  • Now that we have breached the 140.00 handle, the market will be mindful of official rhetoric picking up, as we have seen in recent weeks.
  • A Bloomberg survey stated that more than 90% of economists expect no change from the BoJ at next Friday's policy announcement. This is down from the previous survey. July is seen as more likely for a YCC tweak (see this link).
  • On the data front today, we have final Q1 GDP revisions, which should firm on better business spending. Also out is Apr trade data, May bank lending and weekly investment flows. Later is the Eco Watchers survey for May.
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