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USD/JPY Push Lower Extends

JPY

USD/JPY operates a touch above late NY levels into the Tokyo open, printing at ~Y138.65. This comes after the broader round of USD weakness witnessed during the week, shaped by Fed expectations, has allowed the rate to ease from a week-to-date high of Y142.25, printing as low as Y138.06 on Thursday.

  • JPY-specific news flow has been light since yesterday’s Tokyo close.
  • Japan's government maintained its broad economic assessment for a fifth straight month late on Thursday, but lowered its assessment on public investment for the first time since October 2021.
  • Technical short-term trend conditions in USD/JPY remain bearish. Bears need to force a break of Y137.68, the 15 Nov low, which would confirm a resumption of the downtrend and open the way to Y137.37, the 29 Aug low.
  • Looking forwards, Tokyo CPI & services PPI data headlines the economic docket today. The median of the BBG survey looks for all 3 of the Tokyo CPI prints to move 0.1ppt higher when it comes to the Y/Y readings.
MNI London Bureau | +44 0203-865-3809 | anthony.barton@marketnews.com
MNI London Bureau | +44 0203-865-3809 | anthony.barton@marketnews.com

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