USD/JPY currently sits close to 138.10. During the NY session we got to a low around 137.65, which was still above Monday session lows around 137.50. Overnight highs in the pair were close to the 140.00 level. The yen was 0.40% firmer for Wednesday's session, a laggard against the rest of the G10.

• USD/JPY continued to follow the gyrations in UST yields closely, with the pull back after Powell's speech driving the pair sub 138.00.
• The strong tone in the equity space saw cross demand emerge, with yen underperforming the commodity bloc by over 1% for Wednesday's session.
• Today's data calendar includes capital spending and company profits for Q3. Weekly Japan investment flow data also prints, along with the final reading for the November manufacturing PMI. Later on, vehicle sales and consumer confidence are out.
• BoJ's Noguchi speaks as well. The Japan Finance Ministry stated late yesterday that it didn't intervene in FX markets through November.