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MNI China Daily Summary: Friday, June 28

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Y110 Mark Gives Way, BoJ To Release Revamped Bond-Buying Plan

JPY

USD/JPY penetrated the psychological Y110.00 barrier in Tuesday's London morning and continued to power ahead, showing at a fresh one-year high. The rate remained afloat later in the day, even as U.S. equity benchmarks slipped, with month- and quarter-end flows in focus.

  • USD/JPY last sits at Y110.35, barely changed on the day. A clearance of the 0.764 projection of Mar - Apr 2020 rally from Jan 6 low at Y110.63 would shift topside focus to Mar 26, 2020 high of Y111.30. Conversely, a dip through Mar 26 low of Y109.13 would clear the way to the 20-EMA at Y108.81.
  • A test conducted by the Japanese Health Ministry in December suggested that only 1.35% of Tokyo residents have antibodies against Covid-19.
  • Flash industrial output & housing starts headline the local data docket today. Tankan Survey & final Jibun Bank M'fing PMI will grab attention on Thursday.
  • As a reminder, the BoJ will release its monthly Rinban schedule today at 09:00BST/17:00JST. Following the latest revamp, the schedule will now give specific amounts rather than ranges of planned bond purchases.
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