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Yen Gains On Reports Of Abe Being Shot

JPY

The yen has turned bid in reaction to reports of former Japanese PM Abe being shot in the chest during a speech in Nara, which has triggered defensive flows across the board.

  • USD/JPY trades at Y135.59, down 40 pips on the day, as the yen takes lead in G10 FX space. Familiar technical picture remains in play.
  • There have been notable spikes in USD/JPY implied volatilities in response the news.
  • AUD/JPY was off more than 1% from its intraday highs but is now recovering from worst levels. It last sits -33 pips at Y92.69. Next key support is at Y91.43, the low print of Jul 1.
  • Note that Abe's influence within the ruling Liberal Democratic Party has been well documented, even after his departure from the government.
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