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Volumes Pick Up as Ueda Talks Policy at G20

JPY
  • EURJPY, USDJPY off lows in recent trade, with Ueda possibly aiding the move with his latest comments from the G20 meeting. He's speaking alongside Suzuki in India.
  • Ueda states that there is still some distance to sustainably achieve 2% inflation taret, and that the BoJ has been patiently maintaining easy policy. Ueda adds that unless their assumptions on the need to sustainably achieve the 2% target changes, then their narrative on policy will not change.
  • EUR/JPY recovers off lows of 154.88 to now sit north of 155.50 - recall the next BoJ decision is next week (Jul28) at which some had seen the possibility for a tweak to YCC boundaries and potentially messaging.
  • Volumes across JPY futures helped higher also - just over $900mln in futures contracts traded over the past five minutes or so - helping tip daily cumulative volumes back inline with the daily average despite a more sluggish start
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