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Yen Gains On Risk Aversion, Japan Bans Spectators From Tokyo Olympic Events

JPY

USD/JPY took a nosedive Thursday, as the spread of the Delta variant of coronavirus boosted demand for safe haven assets. An uptick into the WMR fix allowed the rate to tick away from its intraday/one-month low of Y109.53, albeit only marginally.

  • Reuters reported that the BoJ "is expected to slash this fiscal year's economic growth forecast in fresh quarterly projections due out next week," according to unnamed sources. The Bank will also "likely offer zero interest, long-term funds to commercial lenders that provide loans or investment for activities aimed at combating climate change."
  • It has been confirmed that Japan will ban spectators from attending Olympic events in Tokyo and adjacent prefectures Saitama, Chiba and Kanagawa.
  • The local docket is fairly empty today, while focus next week will turn to core machine orders & flash machine tool orders (Monday), final industrial output (Wednesday) as well as BoJ MonPol decision (Friday).
  • USD/JPY last sits +7 pips at Y109.79. Bears would be pleased by a dip through yesterday's low of Y109.53, which would expose Jun 7 low of Y109.19. On the flip side, a rebound above Jul 5 high of Y111.19 would shift focus to Jul 2 high of Y111.66.
  • USD/JPY implied volatilities jumped this week, with 1-week tenor (last +0.28pp at 6.44%) showing at its highest point since Mar 31 yesterday.
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