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Free AccessYen Firmer Ahead Of BoJ Nomination But Implied Vols Well Below Mid Jan Highs
Yen is trading with a firmer bias in the first part of trade, albeit within recent ranges. We are close to session lows near 132.00 (last 132.05/10), around 0.25/0.30% firmer in yen terms for the session. In terms of recent ranges, the pair has been supported post the recent US payrolls print on moves back into the 130.00/131.00 region, while the topside has capped out close to 133.00.
- The yen didn't react a great deal to the downside miss on Q4 GDP earlier, with focus all on the BoJ Governor nomination coming up soon.
- Overnight implied vols for USD/JPY are higher, last around 27.40%, but this is well below mid Jan highs of +54%, which coincided with the last BoJ policy meeting. It's similar in the 1 week space, where close to 15% is up off late Jan/early Feb lows, but well below mid Jan highs.
- Option markets aren't implying fireworks at this stage.
- The slightly offered tone to US equity futures is likely helping yen at the margin.
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Why MNI
MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.