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Yen Extends Gains Over Tokyo Fix


USD/JPY took a fresh dip into the Tokyo fix and has extended losses beyond there to last trade at Y135.72, down 85 pips on the day. The downswing allows the pair to lodge new weekly lows as it narrows in on Jul 22 low of Y135.57.

  • U.S. e-mini contracts keep drifting lower, while the Nikkei 225 has trimmed its opening gains, which sees safer currencies garner more strength.
  • In the grand scheme of things, the yen's moves remain consistent with U.S. yield dynamics, with the BoJ expected to keep interest rates at rock-bottom levels.

Fig. 1: USD/JPY vs. U.S. 2-Year Tsy Yield (%)

Source: MNI - Market News/Bloomberg

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