Free Trial

Yen Lags Greenback After U.S. PPI Release

JPY

Tuesday saw USD/JPY oscillate between gain and loss, albeit above-forecast U.S. PPI data proved to be a boon to the greenback and pushed the rate higher late doors. The report came out ahead of Wednesday's monetary policy decision from the Fed, with the BoJ also up this week.

  • USD/JPY last changes hands at Y113.73, barely changed on the day. A clearance of Dec 8/Nov 29 highs of Y113.95/96 would bring Nov 24 high of Y115.52 into view. On the downside, a slide past Nov 30 low of Y112.53 would open up Sep 30 high & recent breakout level at Y112.08.
  • The Sankei reported that the gov't expects tax revenue to top Y60tn in FY2022, citing a draft budget plan. This means that revenue would exceed the initial estimate of Y57.4tn.
  • Japan's monthly trade balance will hit the wires on Thursday, with flash Jibun Bank PMIs & BoJ MonPol decision coming up Friday. For more colour on the BoJ, click here to see our comprehensive preview.

To read the full story

Close

Why MNI

MNI is the leading provider

of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.

Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.