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USD/JPY Rebound, But Remains Within Recent Ranges, Tokyo CPI Out Today

JPY

After SEK, JPY was the weakest performer in the G10 space through Thursday, losing around 0.50%. The pair spent most of the post-Asia close recovering from earlier lows near 129.00. We got above 130.60, before settling back into 130.20/25 by the NY close. The USD bounce post the GDP beat was short-lived, as details disappointed, but US yields still finished higher across the curve, the 10yr back above 3.50%.

  • This, coupled with higher yields elsewhere, and a firmer risk-on tone in the equity space, weighed on yen performance.
  • Highs from 18 Jan, just above 131.60 remain intact, whilst yesterday's lows came in close to 129.00. Overall, we remain within recent ranges.
  • On the data front today is Tokyo CPI for Jan. The market expects headline y/y at 4.0%, versus a revised 3.9% prior. Ex-fresh food is forecast at 4.2% y/y (from 3.9%), while ex food & energy is expected at 2.9% y/y (2.7% prior).
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