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Yen Gains On Toyota Wage Headline

JPY

USD/JPY has spent the first part of Wednesday trade paring around half of Tuesday's gains. The pair last close to session lows in the 147.30/5 region (lows rest at 147.24).

  • This is a yen gain of near 0.25%, post Tuesday's loss of around 0.50%. The pair had been steadily drifting lower and received fresh downside impetus on headlines that Toyota would meet the union's demand for wage hikes in full (from local newspaper Mainichi).
  • Recall early yesterday that Jiji stated that the central bank would exit NIRP if this year's wages gains were significantly above last year's (3.8%).
  • For USD/JPY, downside focus will be on any break back beneath 147.00, with recent lows at 146.49.
  • Note there is an option expiry for NY cut close to current spot levels - Y147.25-35($1.6bln).
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