Yen Declines Amid Same Old From Japanese Officials

Renewed selling pressure weighs on the yen as U.S. Tsy yields are a touch higher across the curve, while Asia-Pac equity markets are in the green on a positive lead from Wall Street. Slightly firmer risk sentiment saps strength from the yen, as its safe-haven peer CHF is the second worst performer.

• USD/JPY has added ~30 pips thus far to last trade at Y147.42, with bulls looking for a re-test of the Y147.67 30-year high. Japanese officials chose to keep the market in the dark about their potential intervention on Thursday, as the yen see-sawed after the release of above-forecast U.S. CPI.
• FinMin Suzuki stuck to his usual script, noting that officials are monitoring markets with a high sense of urgency and stand ready to take appropriate responses. He reiterated that the focus is on excessive volatility rather than specific levels of the exchange rate.
• Meanwhile, BoJ Gov Kuroda maintained his support for the central bank's notorious ultra-dovish monetary policy stance, which has resulted in a rapid widening in Japan's yield differentials with other developed economies.
• The Antipodeans are on the front foot, with the kiwi dollar leading gains. The pricing for the RBNZ's next monetary policy review has edged higher over the past week or so. Swaps are now pricing ~59bp worth of tightening in November, up from 45-48bp implied in the immediate wake of the October 5 meeting.
• Chinese inflation and trade data take focus in Asia. After hours, focus will turn to U.S. retail sales & preliminary results of Uni. of Mich. survey. Central bank speaker slate features Fed's George, Cook and Waller, ECB's Holzmann, BoC's Macklem & Riksbank's Ohlsson.