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Weakens As US Yields Rise

JPY

Yen was the weakest performer in the G10 through Tuesday's session. We currently sit just below NY session highs for USD/JPY, at 133.45/50. The yen was down just over 0.40% against the USD for the session.

  • Current levels are near Dec 2 lows in the pair, which may offer some resistance, while higher levels sit around 134.55, lows from mid-December. USD/JPY continues to gradually recover from its post BoJ induced slump, although we arguably need to clear these levels to turn the outlook more bullish.
  • Yen lagged as risk appetite improved on the back of China re-opening plans. The firmer US cash Tsy yield backdrop also aided the USD, with a quicker than anticipated China re-opening arguably seen as inflationary. Still, the yen didn't get any benefit from softer equity sentiment through NY trading.
  • Locally, a private sector economist, who sits on a panel that advises PM Kishida, stated a review of the BoJ/Government joint accord is needed.
  • On the data front, IP figures for November print today (-0.2% forecast against -3.2% prior).
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