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USD/JPY Holding Above 147.00, Busy Data Calendar & More BoJ Speak Today

JPY

USD/JPY got back to 147.90 post the Asia close on Wednesday, comfortably above earlier lows of 146.67. We drifted lower in NY trade, and track in the 147.20/25 region in early Thursday trade. The yen managed a 0.16% gain for Wednesday's session, outperforming most other G10 currencies, as broader USD sentiment stabilized, although we trailed the other traditional safe haven, the CHF (+0.52%).

  • Core yields continue to track lower on Wednesday, with benchmark 10yr yields down 6.5bps for US and German government bonds. Signs of easing EU inflation and mixed US data contributed to the moves.
  • US 10yr yields didn't break sub earlier Asia Pac lows in Wednesday trade around 4.25%, which may have helped stabilize USD sentiment to a degree. US-JP 10yr differentials look set to be sub +360bps, which all else equal should see USD/JPY upticks faded.
  • Today, locally we have a full data calendar. First up are retail sales for Oct, along with IP and weekly investment flows. Later on, housing starts, and consumer confidence are due.
  • Also note we also hear from the BoJ's Nakamura at 10:30am local time (01:30 BST).
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