USD/JPY Breaks 150.50, Exports Rise, Ueda Speaks To Parliament

The Yen has pushed higher since the open this morning, with Japan back from their Public Holiday on Wednesday with a busy morning on the data front.

• USD/JPY is down 0.61% breaking 150.50 to now trade at 150.32, while the EUR/JPY is off earlier highs of 165.35 - levels not seen since Sept 2008 to now trade at 164.46.
• Earlier Trade balance narrowed to -¥379.4b vs -¥785.0b expected , exports were 7.8% vs 5.1% expected while imports were inline at 0.5%. Jibun Bank Japan PMI data showed an increase from the month prior with PMI composite 52.3 vs 50.6 prior, Manufacturing 48.2 vs 47.2 prior and Services 54.9 vs 52.9 prior.
• BOJ Governor Kazuo Ueda addressed parliament, noting the inflation target's proximity and emphasizing the importance of maintaining easy financial conditions to support the economy and prices. He expects these conditions to persist, reaffirms the BOJ's commitment to supporting the economy and inflation, and mentions recent data confirming a strengthening wage-inflation cycle. Additionally, he discusses medium and long-term inflation expectations moving towards 2% and the moderate rise in service prices. He also doesn't foresee a sharp increase in mortgage loan rates or corporate borrowing costs following the latest decision.