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USD/JPY Rebounds From Earlier Lows As US Yields Stabilize, Equity Sentiment Ticks Higher

JPY

USD/JPY hasn't been able to sustain its earlier dip. Weighed down by US lower yields (on the cash Tsy re-opening), the pair fell to 148.17, which was fresh lows back to last Tuesday. We have subsequently rebounded to 148.60/65, +0.10% versus NY closing levels.

  • US yields have recovered somewhat from earlier lows (the 10yr back to 4.65%, against a 4.62% low). Japan yields are lower, but as usual with a much lower beta compared to US moves. The US-JP 10yr swap spread is +334bps, around 10bps sub closing levels from the end of last week.
  • A better regional equity tone, coupled with a slight uptick in US equity futures may be weighing on the yen from a cross standpoint. AUD/JPY is holding early gains, the pair last near 95.35/40.
  • Japan's August trade and current account data was slightly weaker than expected, as the trade position fell back into deficit. At the time of the prints though the impact on JPY was negligible.
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