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Weakens Into The Tokyo Fix, EUR/JPY To Fresh Highs

JPY

USD/JPY has spiked higher into the Tokyo fix. The pair now back at session highs, last 134.25/30 (highs were at 134.34). This is +30pips from earlier session lows. Yen is the weakest performer on the G10 space at the margins. Note highs from Monday's session came in close to 134.75.

  • One prominent sell-side name also notes that there is upside risk in EUR/JPY for month-end rebalancing. This pair got to 148.61 in this recent move up, before settling back into 148.50/55 range currently.
  • Helping matters from a USD/JPY standpoint has been a modest turnaround in US yield momentum, the 2yr back to firmer for the session (edging back above 4.09%, were under 4.08% earlier). The 10yr is back close to unchanged near 3.49%.
  • Focus is likely to rest on BoJ Governor's parliamentary appearance.
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