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DOLLAR-YEN: USD/JPY gyrated within a wide, 3 figure range Thursday, ultimately
finishing just 10 pips above neutral levels. Disappointment with measures
unveiled by U.S. Pres Trump's failure to meet expectations for bold stimulus
measures inspired sales in early trade, but the rate recovered as risk-off
moderated somewhat, which coincided with Gov Kuroda's pledge to ensure ample
liquidity, with BBG later reporting that the BoJ will likely bolster its
stimulus measures next week, likely via more aggressive assets purchases.
USD/JPY extended gains thereafter, with the Fed's announcement of increased
liquidity injections bumping it to the intraday high of Y106.10.
- The rate is little changed at Y104.60 after showing a modicum of strength
early on. A break above Y106.10 would support the bullish case, while bears stay
focused on Thursday's low, located at Y103.09.
- A Japanese MoF off'l reiterated a familiar message re: closely watching mkts.
- With little of note on the Japanese docket today, the focus turns to next
week's core machine orders (Monday), final industrial output (Tuesday), trade
balance (Wednesday), as well as CPI as a BoJ MonPol decision (Thursday).