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Yen Can't Sustain Early Gains As US Tsys Stabilize

JPY

USD/JPY sits comfortably above earlier lows (144.95), with the pair last 145.25/30, little changed versus end Thursday levels in NY trade. The earlier dip coincided with headlines around US/UK joint military strikes in Yemen (in response to Houthi rebel attacks on commercial shipping in the Red Sea) and produced some safe have haven demand.

  • The dip proved fleeting though and yen is now modestly underperforming the rest of the G10, which are marginally stronger against the USD at this stage.
  • US Tsy futures have reversed their earlier spike, which has helped stabilize yen sentiment.
  • Data on bank lending and the trade/current account were close to expected/in line with prior outcomes.

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