USD/JPY has crept higher this morning....>

DOLLAR-YEN: USD/JPY has crept higher this morning and the yen marginally

underperforms most of its G10 peers as we type. The rate moves out of sync with

equity markets, as U.S. equity index futures & the Nikkei 225 trade on a softer

footing. BBG circulated a report from the Nikkei, noting that "Japan will lower

its economic assessment for the second straight month in April as the impact of

the coronavirus deepens." Elsewhere, Asahi reported that the gov't is

considering adding Aichi & Kyoto to the emergency area; no surprise here,

regional off'ls made relevant requests last week.

- JPY was well bid against most of its G10 peers yesterday, but USD/JPY advanced

as the greenback took the lead in the basket. Risk aversion was evident, with

global equity markets underperforming. 

- USD/JPY last seen at Y107.71, 25 pips better off. A rally above Apr 10 high of

Y108.59 would allow bulls to target the key near-term resistance, Apr 6 high of

Y109.38. On the flip side, a dip through Apr 15/1 lows of Y106.93/92 would

strengthen the bearish case, exposing Mar 18 low of Y106.76.

- Final industrial output data, due tomorrow, headlines the local docket.