USD/JPY Volatile Ahead Of Fical Year End, NZD Outperforms

JPY volatility has been evident today ahead of fiscal year end for Japan. USD/JPY got to a high just above 133.50, which also came near the Tokyo fix. However, the pair has steadily drifted lower since. We are now back at 132.70/80, only slightly weaker in yen terms for the session.

• Japan data was generally better than expected, with the new Tokyo core CPI measure printing at 3.4% y/y versus 3.2% expected, for March, continuing the trend move higher. Retail sales and IP were also better than expected for Feb, but some offset came from weaker jobs data.
• Elsewhere, NZD has outperformed, the pair around 0.30% higher, last near 0.6285. We came close to testing above 0.6300 (high of 0.6298). The Kiwi continues to benefit from improved equity sentiment, although the market may also have one eye on next week's RBNZ meeting.
• AUD/USD also tracked higher, but couldn't get above 0.6740, we last sit near 0.6715, little changed for the session. As a result, the AUD/NZD cross is back sub 1.0700, last near 1.0680/85.
• EUR/USD is back close to 1.0900, unable to make much headway beyond 1.0925, which also coincides with Thursday session highs.
• The BBDXY is close to unchanged at 1227.50, while in the cross asset space, equities are firmer for the region and in terms of US futures (Eminis around +0.30%). US yields have mostly been range bound.
• Looking ahead, we get Q4 UK GDP revisions. French CPI is also due later, although most focus is likely to rest on the US PCE deflator. The ECB's Lagarde does a Q&A with students. Also note Fed's Williams and Cook are due to speak.