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USD/JPY Back To The 136.00 Region

JPY

USD/JPY currently sits just below 136.00, slightly weaker in yen terms in early trade today. Yen was one of the top G10 performers through Friday's session, rising 0.66%. This was in line with the pull back in US yields through the session. The US-JP 10yr swap spread eased around 10bps to +287bps.

  • The pair remains above all key EMAs, but the simple 100 day (136.64) and the 200-day (137.32) MAs remain caps on the topside.
  • The local data calendar is devoid of data releases or BoJ events today.
  • Over the weekend, the ruling LDP's upper house secretary general, Hiroshige Seko, stated that it was not time for the BoJ to exit ultra loose monetary policy and that changing the government/BoJ's inflation accord would be disruptive for markets.
  • Elsewhere the focus will be on wage outcomes, with rises needed to sustain inflation pressures. Late last week Labor unions submitted requests for increases of 4.50% for this month, the largest since the late 1990s.
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