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Free AccessYen Lags In Early Tokyo Trade, BoJ Up Today
USD/JPY slid Thursday as a broader sense of caution crept in. The yen was the best performer in G10 FX space, with the greenback just behind. The rate pulled back from a fresh two-month high as a result, but fell short of testing the Y110.00 mark. It has recovered a tad this morning, with JPY lagging its G10 peers in early Asia-Pac trade.
- Japan's core measure of consumer prices rose for the first time in 14 months. Core CPI inflation printed at +0.1% Y/Y, while headline reading was -0.1%. All in all, inflation figures were marginally better than expected.
- PM Suga confirmed Thursday that the state of emergency in Tokyo, Osaka and seven other prefectures will be lifted on Sunday, but will remain in place in Okinawa. Suga said the gov't will keep "quasi-emergency" restrictions in the seven regions will be kept through Jul 11.
- Yomiuri reported that the Japanese gov't & Olympic organisers are willing to cap the number of spectators allowed at the Olympic events at 10,000. The report noted that the organisers are prepared to hold the games without spectators, if a Covid-19 state of emergency is declared in Tokyo during during the event.
- The BoJ will announce their latest monetary policy decision today (click here to see our comprehensive preview).
- USD/JPY last operates at Y110.30, 9 pips higher on the day. The upper 1.0% 10-DMA envelope at Y110.90 provides the initial layer of resistance and a break here would open up Mar 31 high of Y110.97. Bears look for a dip through Jun 16 low of Y109.81, followed by Jun 7 low/50-DMA at Y109.19/17.
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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.