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USD/JPY Back Above 140.00, Official Rhetoric Likely To Be Eyed

JPY

The yen finished Friday's session the weakest performer within the G10 space, losing 0.80%, amid a US yield rebound, which took the dollar off its lows. USD/JPY got above 140.00 late in US trade but we closed just below this level. Early price action today has seen the USD supported, the pair last around the 140.05/10 region.

  • The oil price spike post the weekend's news of Saudi cuts is likely weighing at the margin (Brent is +3% to $78.40/bbl in early dealings today), given Japan's net energy importer status.
  • Yen weakness beyond the 140.00 level has drawn increased verbal rhetoric from Japan authorities in recent weeks, so this could be a fresh focus point today if we see meaningful weakness beyond this figure level.
  • USD/JPY is still following US yield gyrations closely though, to some extent leaving official options limited outside of more forceful actions like FX intervention and/or a shift in BoJ's policy stance.
  • On the data front today, we have the final Jibun Bank PMI readings for the services and composite indices.
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