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USD/JPY Back Close To Late June Lows, Yen & CHF Marginally Outperforming In G10 Space

JPY

The shift lower in USD/JPY continues (-0.40% for the session). The pair is now under 160.60, which is fresh lows in the pair back to the end of June. Note the Jun 28 low was 160.26.

  • There doesn't appear a direct catalyst for this move. Broader USD sentiment is softer, the BBDXY off a little over 0.10%. After JPY, CHF is the best performer, up 0.20%.
  • Headlines crossed earlier around extended Bitcoin losses, which could be a factor. Regional equity sentiment is mixed, with HK & China equity losses prominent, which may be aiding safe haven related flows. Yen has been a laggard in recent weeks, with the firmer global equity backdrop helping gains in AUD/JPY.
  • Comments from FinMin Suzuki also crossed the wires a little while ago. The FinMin stated he will watch equity and FX trends with a sense of urgency (per BBG). The FinMin also noted inflation is still a concern despite wage gains seen this year, while imported inflation, via the weak yen is also having an impact (see this link).
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