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JPY: Yen Outperforms Early USD Gains, Dips Sub 151.00 Supported For USD/JPY

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The yen is outperforming broader USD gains in the first part of Monday trade. This follows fresh tariff headlines from US President Trump, that 25% tariffs will be imposed on all steel and aluminium imports today (although no timeline was specified in terms of when they will come into effect). USD/JPY was last little changed at 151.50/55. We saw dips on Friday sub the 151.00 level supported on a number of occasions. A clean break sub 150.93 (the low from last Friday) could see the Dec 9 low from last year targeted at 149.69. On the upside, the Jan 6 high was at 152.89.

  • The meeting between Japan PM Ishiba and US President Trump from late last week will likely be seen as a success from a Japan standpoint. The US leader doesn't appear to have Japan in his crosshairs from a trade standpoint at this stage, although does want top eliminated the trade deficit the US has with Japan. Ishiba spoke about raising Japan imports of US LNG and boosting Japan investment into the US.
  • CAD is off 0.55% against the USD (major steel exporter to the US), while EUR is down 0.30% and AUD off 0.40%, although EUR and the A$ are away from lows for the session. AUD/JPY is back under 95.00, last near 94.65/70, session lows rest at 94.30/35.
  • Not being is Trump's trade crosshairs, coupled with traditional safe haven qualities is aiding yen so far today.
  • Friday's session saw US-JP yield differentials tick higher in the wash up of the NFP report. This likely help keep dips under 151.00 supported.
  • The local data calendar has Dec current account and trade balance figures today. We also have Jan bank lending figures and the eco watchers survey. 
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The yen is outperforming broader USD gains in the first part of Monday trade. This follows fresh tariff headlines from US President Trump, that 25% tariffs will be imposed on all steel and aluminium imports today (although no timeline was specified in terms of when they will come into effect). USD/JPY was last little changed at 151.50/55. We saw dips on Friday sub the 151.00 level supported on a number of occasions. A clean break sub 150.93 (the low from last Friday) could see the Dec 9 low from last year targeted at 149.69. On the upside, the Jan 6 high was at 152.89.

  • The meeting between Japan PM Ishiba and US President Trump from late last week will likely be seen as a success from a Japan standpoint. The US leader doesn't appear to have Japan in his crosshairs from a trade standpoint at this stage, although does want top eliminated the trade deficit the US has with Japan. Ishiba spoke about raising Japan imports of US LNG and boosting Japan investment into the US.
  • CAD is off 0.55% against the USD (major steel exporter to the US), while EUR is down 0.30% and AUD off 0.40%, although EUR and the A$ are away from lows for the session. AUD/JPY is back under 95.00, last near 94.65/70, session lows rest at 94.30/35.
  • Not being is Trump's trade crosshairs, coupled with traditional safe haven qualities is aiding yen so far today.
  • Friday's session saw US-JP yield differentials tick higher in the wash up of the NFP report. This likely help keep dips under 151.00 supported.
  • The local data calendar has Dec current account and trade balance figures today. We also have Jan bank lending figures and the eco watchers survey.