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Yen Benefits From Flight To Safety

JPY

Fed leadership uncertainty and looming release of inflation data out of the U.S. and China underpinned demand for safe haven currencies Tuesday, with the yen topping the G10 pile as a result. USD/JPY went offered and closed below the Y113.00 mark for the first time since early Oct.

  • The rate last trades +7 pips at Y112.94 and initial topside focus falls on Oct 20, 2021/Nov 6, 2017 highs of Y114.70/73. A break here would expose Mar 10, 2017 high of Y115.51. Conversely, losses past Sep 30 high of Y112.08 would shift focus to Oct 8 low of Y111.51.
  • PM Kishida will launch his second Cabinet at the special parliamentary session today. Meanwhile, local media outlets reported that the ruling LDP and its coalition partner Komeito agreed to distribute Y100,000 in cash and vouchers to under 18s in the next round of stimulus measures.
  • Flash machine tool orders headline the local data docket today. Looking further afield, Japan's PPI is due Thursday.
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