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USD/JPY To Fresh Highs On BoJ Bond Buy & Firmer Equity Backdrop

JPY

USD/JPY has rebounded to fresh highs for the session. The pair last tracked in the 141.55/60 region. This is now +0.30% higher for the session, while is also above Friday highs. July 21 highs near 142.00 come into focus next. Earlier lows were at 140.70.

  • The BoJ's unscheduled bond buy, to curb local bond yield rises, coupled with better risk appetite in the equity space, has weighed on yen. This has been particularly evident in terms of HK/China equities, amid further stimulus hopes.
  • AUD/JPY is back to 94.45/50, earlier lows were near 93.73. The official China PMI prints were mixed for July, with manufacturing slightly better than expected, the services side dipping more than forecast though.

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