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Yen Firmer, Suzuki Again States FX Levels Are Being Watched

JPY

USD/JPY got to a fresh low of 140.05 not long after the Tokyo fix. We are slightly higher now, lats in the 140.10/15 region. Yen is outperforming the rest of the G10 at the margins. We are currently +0.25% higher versus Monday closing levels. The broader USD tone is slightly softer, which is likely helping at the margins. Note last Friday's lows around 139.50 could be targeted if we break 140.00.

  • Also note Japan Finmin Suzuki has stated that the authorities are continuing to watch FX movements. This comes after last week's comments, which were in a similar vein.
  • US yields are softer, at the back end, but there hasn't been much follow through to earlier movements.

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