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Yen Firms Into The Tokyo Fix

JPY

Yen has remained firmly on the front foot in the first part of Tuesday Asia Pac trade and as we approach the Tokyo fix. The pair last near session lows (148.08), tracking near 148.15. This puts us +0.35% firmer in yen terms versus Monday NY closing levels.

  • There doesn't appear to be a major fundamental catalyst for the move lower in the pair, other than a continuation of Monday's trend move down. Cross asset wise US yields are relatively steady to slightly higher in early trade, while US equity futures are close to flat.
  • US-JP 10yr yield differentials sit sub recent levels, last +364bps, we were around +369bps through the tail end of last week.
  • Note in the option expiry space we have the following NY cuts for Tuesday (per DTCC): Y147.95-90($790mln), Y148.50($1.1bln), Y148.95-00($1.5bln), Y149.85-05($1.4bln).
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