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Yen Weakness Still The Focus Point

CROSS ASSET

USD/JPY is making fresh highs to 133.20 and remains the focus point from a cross asset perspective.

  • Yen weakness continues to look a little out of sync with US yield moves on a short term basis.
  • Cash Tsys are pushing higher in yield terms, around 1-2bps higher across the 2 to 10yr tenors. Still, we remain below highs from earlier in the week.
  • Other FX is weaker against the USD, albeit not to same degree as JPY. AUD and NZD are off 0.10% and 0.20% respectively against the dollar. EUR/USD remains sub 1.0700.
  • Equities are positive for the region, with Japan stocks leading the way, with gains of close to 1%. Australian shares next best at +0.75%, while the Kospi is up a more modest 0.25%.
  • US equity futures are modestly weaker at this stage.
  • Oil is holding relatively steady at close to $121/bbl for Brent.
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