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USD/JPY plunged early on and last........>

DOLLAR-YEN
DOLLAR-YEN: USD/JPY plunged early on and last trades at Y106.55, 1.07 fig. lower
on the day, with the yen outperforming all of its G10 peers. FOMC action has
drawn attention this morning as U.S. policymakers delivered a 100bp rate cut and
announced some other policy measures. The rate has pared some gains as the BoJ
announced that it will bring forward its monetary policy meeting from Thursday
to today, 12:00 JST (03:00 GMT).
- The somewhat outdated January data showed that Japanese core machine orders
rebounded & rose 2.9% M/M before the coronavirus crisis fully unfolded.
- PM Abe reiterated over the weekend that Japan plans to hold the 2020 Olympics
as planned, although many call into question its viability.
- An MoF off'l said that Japan must look at FX mkt going ahead.
- Bears look for a drop below the Mar 13 trough at Y104.51 to gain some impetus.
On the topside, the focus is on the Mar 13 high of Y108.50, located just below
Mar 3 (Y108.54) & Mar 2 (Y108.58) highs.
- The focus in Japan turns to final industrial output (Tuesday), trade balance
(Wednesday), and CPI (Thursday).

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