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USD/JPY Finds Selling Interest Above 135.00, Ueda Confirmation Hearing In Focus

JPY

USD/JPY got to fresh highs late in NY trade Thursday, spiking into the 135.35/40 region, but we are now back to 134.70/75. We did get close to 134.50 before support emerged. Yen was up a touch for Thursday's session as a whole. Yen benefited at the margins from lower US-JP 10yr swap spreads, now back to +274bps, we were at +282bps on Tuesday.

  • The main focus today will be on new BoJ Governor Ueda's confirmation hearing in parliament. The hearing on the governor nomination will start at 0930 JST (0030 GMT).
  • FX option markets don't appear to be expecting fireworks, with 1 week implied vol not too far off recent lows, last near 11.23%, while overnight vol is +15.5%, but well below earlier 2023 highs.
  • Current BoJ Governor Kuroda stated yesterday that the central bank will continue easing until the 2% inflation target is sustained. Comments by Ueda, at least from a near term perspective, are consistent with this, although any comments about the longer term outlook will eyed closely.
  • On the data front, we have national CPI on tap for Jan (4.3% y/y forecast, 4.0% prior for headline, while core (ex food and energy) is forecast at 3.3% y/y, from 3.0%). Weekly foreign asset flows are also on tap. Later on department store sales data prints.
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