USD/JPY Rebounds, Labor Earnings On Tap Today

USD/JPY sits in the 131.75/80 region in early dealings, with Japan markets open today. Highs from Thursday session coming in around 131.90, with the pair remaining on the front foot for most of the post Asia-close period (yen lost 0.35% for Thursday's session). The move was aided by a recovery in front end yields, although USD/JPY started turning higher before yields did.

• The data calendar today has Feb labor nominal and real cash earnings on tap. For nominal the market expects a +1.1% y/y outcome (prior +0.8%), for real the consensus is at -2.6% (-4.1% prior). These prints should be the main focus, although we also have housing spending for Feb out, along with the leading and coincident indices later on.
• Also note incoming BoJ Governor Ueda is reportedly set to meet with Japan PM Kishida on Monday according to local news wires. Ueda assumes his position on Sunday.
• Earlier headlines crossed that Japan utility companies will delay price hikes to June or later.
• Technically, the focus still remains on USD/JPY downside, with Wednesday lows coming in at 130.64. On the topside, the 20-day EMA is at 132.475. Yen is still around 100pips lower than last Friday's closing levels.