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USD/JPY Back Above 149.00, BoJ Speak On Tap Today

JPY

USD/JPY was on the front foot post the Asia close. By late in NY trade we got close to 149.35, nearly 100pips above earlier Wednesday lows. We closed in NY trade near 149.15, a yen loss of 0.31%. The yen was one of the weaker performers in the G10 space but Wednesday moves left us within recent ranges.

  • Well established technical parameters (recent low at 147.43 and highs above 150.00) remain intact. The technical bias is still bullish in the pair though.
  • Yen weakness came as the US 2/10's curve flattened further. The outright 2yr yield back close to 5.00%, with the FOMC minutes as expected, but also pre-dating the recent sharp sell-off in US Tsys, which for some Fed officials has renewed focus on tightened financial conditions (and whether this offsets the need for additional tightening).
  • Better US equity sentiment (SPX +0.43%) may have weighed on yen against crosses, although AUD and NZD didn't gain ground against JPY.
  • The local data calendar has September bank lending on tap, along with the PPI (market expects +2.4% y/y, versus 3.2% prior). August core machine orders are also out as well. Then Tokyo office vacancies.
  • Also note that BoJ speak is on tap- board member Noguchi speaks in Niigata (02:30 BST).
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