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USD/JPY Steady Despite Lower US Yields, Verbal MOF Warnings, Q4 GDP Out Today

JPY

USD/JPY was mostly range bound post the Asia close on Wednesday. Dips to 150.35 remain supported, while highs were around 150.75. We track near 150.60 in the first part of Thursday trade. For Wednesday's session as a whole we were only marginally stronger (0.12%).

  • It is noteworthy that neither lower US yields nor verbal warnings from the MOF have been able to prompt a meaningful relief bounce in the past 24 hours. US yields finished around 2-8.5bps lower across the benchmarks, led by the front end. We are still comfortably above pre CPI levels from Tuesday. The 2yr last near 4.58%, the 10yr around 4.26%.
  • For USD/JPY technical focus remains on upside targets. A break above recent highs at 150.90 could see 151.43, the November 16 high come into focus, inching ever closer to the multi-decade highs at 151.95. Intervention/verbal jawboning will be clear watch points for the market though.
  • Locally today we have Q4 GDP out, along with Dec F IP and capacity utilization. The market looks for 0.2% q/q growth versus -0.7% in Q3.
  • Note the following in the option expiry space for NY cut later: Y149.10($1.0bln), Y150.20-25($550mln).
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