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USD/JPY Maintaining Offered Tone

JPY

Yen has maintained a positive bias post the Ueda nomination. Ranges have been fairly contained though. We currently sit close to 132.00, around 0.30% firmer for the session so far. Earlier lows in the pair were close to 131.90. The nominations were as expected, which justifies the limited market reaction.

  • Yen is the best performer within the G10 space, although part of this may reflect catch up following Monday's weakness.
  • The yen is benefiting from a slightly lower US cash Tsy yield backdrop, with the 2-5yr part of the curve just over 1bp weaker in yield terms.
  • Broader USD sentiment is also somewhat on the backfoot, with the BBDXY off a further -0.15% so far today. Similar to losses for Monday's session.
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