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USD/JPY Back Close To Session Highs

JPY

USD/JPY is back close to session highs, last in the 134.80/85 region. The 134.90/95 zone has capped topside gains, while outside of a brief dip towards 134.00, moves sub 134.40 have been supported. More broadly, this leaves the pair within recent ranges. The US-JP 10yr swap spread has moved slightly in favor of the USD, +1-2bps for the session as the market digests Ueda's testimony.

  • Ueda's comments appear broadly balanced at this stage. No hints of an imminent policy shift, but laying the groundwork for when policy could be shifted (i.e. sustained price trend improvement).

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