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USD/JPY Closing In On YTD Highs

JPY

USD/JPY has continued to climb, the pair just shy of 140.90, at the time of writing. This is around 0.55% weaker in yen terms for the session so far. We aren't too far away from late May highs near 141.00, which also marked YTD highs. Recent moves above 140.00 have drawn increased rhetoric from officials on FX levels, so the market may be on the watch for that.

  • US yields had a quiet start but are gathering momentum now, 1.2-3.1bps firmer across the curve. The AU jobs beat has helped such moves. AUD/JPY demand will also be playing into yen weakness, the pair breaking above 95.60 in latest dealings, fresh highs back to October last year.
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