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Yen Outperforming On Crosses, FinMiN States FX Stance Hasn't Changed

JPY

Japan FinMin Suzuki has stated that the authority's stance around FX hasn't change. He added they are watching FX moves with a high sense of urgency as usual per news wire reports (BBG).

  • These comments come after USD/JPY breached the 150.00 level late in NY trade. We got above 150.30 before retracing modestly lower. We last tracked near 150.15/20 against earlier lows of 150.04. US Tsy futures have erased earlier gains, which has likely helped keep USD/JPY dips supported.
  • Yen is outperforming on the crosses, particularly against AUD and NZD. A weaker US equity futures tone (Eminis down 0.60%, Nasdaq futures, -1%) is weighing on broader risk appetite.

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