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Yen Loses Ground, BoJ Policy Review Draws Near

JPY

The yen was the only G10 currency to underperform the greenback on Tuesday, even as USD/JPY trimmed its initial losses in NY hours.

  • Better risk backdrop reduced demand for safe haven currencies, with European & U.S. equity benchmarks climbing into positive territory. The VIX index edged lower. U.S. Tsy yields crept higher, widening the gap with Japanese counterparts.
  • USD/JPY trades at Y138.20, little changed on the day. A resumption of losses past Jul 14 low of Y137.28 would please bears, exposing Jun 23 low of Y134.27. Bulls look for a leap towards the psychologically significant Y140.00 figure.
  • The BoJ will announce its monetary policy decision tomorrow and will likely keep all policy settings unchanged. That said, the Bank may revise the forecasts in its Outlook Report. Click here to see our preview.
  • Elsewhere, Japan's trade data will be published on Thursday, with national CPI coming up Friday.
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