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USD/JPY Back Sub 151.00, Outperforms EUR and GBP

JPY
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Yen gained nearly 0.50% for Wednesday's session. USD/JPY sits around 150.90 in early Thursday Asia Pac dealings. We spent most of the post Asia close period tracking lower on Wednesday, getting near 150.65 late in NY trade. The yen was the second best performer in the G10 space (shaded only by AUD), with the sharp pull back in US yields clearly benefiting the yen.

  • The sharp slump in US yields (10yr down 20bps to 4.73%), post data misses and Fed Chair Powell stating the central bank had come very far in this tightening cycle, were a clear focus point for yen watchers.
  • Interestingly, the yen outperformed some of the other majors, most notably GBP and EUR, despite a further recovery in global equity sentiment. This may owe to carry over from yesterday's step up in verbal rhetoric around potential FX intervention from the authorities. EUR/JPY got close to 159.0 in NY trade, but sits back near 159.50 currently. Recent cyclical highs rest at ~160.85.
  • For USD/JPY note later today (NY cut) we have some sizable option expiries - Y150.00-20($1.0bln), Y151.00($1.5bln), Y151.50($620mln), Y152.00($2.4bln), Y152.50($692mln).
  • On the data calendar we have Oct monetary base figures along with weekly investment flows.
  • Elsewhere, local news wire Jiji reported late yesterday that the total scale of Japan's economic package would be ~37.4t yen (see this BBG link).
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Yen gained nearly 0.50% for Wednesday's session. USD/JPY sits around 150.90 in early Thursday Asia Pac dealings. We spent most of the post Asia close period tracking lower on Wednesday, getting near 150.65 late in NY trade. The yen was the second best performer in the G10 space (shaded only by AUD), with the sharp pull back in US yields clearly benefiting the yen.

  • The sharp slump in US yields (10yr down 20bps to 4.73%), post data misses and Fed Chair Powell stating the central bank had come very far in this tightening cycle, were a clear focus point for yen watchers.
  • Interestingly, the yen outperformed some of the other majors, most notably GBP and EUR, despite a further recovery in global equity sentiment. This may owe to carry over from yesterday's step up in verbal rhetoric around potential FX intervention from the authorities. EUR/JPY got close to 159.0 in NY trade, but sits back near 159.50 currently. Recent cyclical highs rest at ~160.85.
  • For USD/JPY note later today (NY cut) we have some sizable option expiries - Y150.00-20($1.0bln), Y151.00($1.5bln), Y151.50($620mln), Y152.00($2.4bln), Y152.50($692mln).
  • On the data calendar we have Oct monetary base figures along with weekly investment flows.
  • Elsewhere, local news wire Jiji reported late yesterday that the total scale of Japan's economic package would be ~37.4t yen (see this BBG link).