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USD/JPY Sinks In Early Trade On Weekend Ueda Comments

JPY

USD/JPY sunk sharply in early Monday trade. The pair dipping as low as 146.71, before recovering somewhat. We last tracked around 146.80/85, after closing in NY on Friday at 147.83. The main catalyst for the sharp dip this morning appears to be weekend comments given by BoJ Governor Ueda.

  • The central bank Governor stated that the BoJ may have information by year end around wage rises and inflation being sustainable to make a policy adjustment, including possibly ending its negative interest rate (see this link for more details).
  • The Governor added the BoJ is still some distance away from achieving its price target and that it will continue with its patient easing.
  • On the downside in the pair, 145.88 is the 20-day EMA, while 144.45, the Sep 1 is seen as key support.
  • Elsewhere, Japan PM Kishida plans to reshuffle the cabinet on September 13 (see this link).
  • The local data calendar has August money stock figures out today, along with preliminary machine tool orders data for August.
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