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Yen Outperforms On Crosses, Local Holiday Today


USD/JPY outperformed broader dollar gains through Wednesday's session. Dollar indices were higher, with the BBDXY up 0.25%, now near 1250. Some modest risk off in the equity space likely aided yen from a cross standpoint as well. USD/JPY did get to the 134.40 region in NY trade, but rebounded back towards 135.00. We couldn't test back above this level though, which was a feature through yesterday's session.

  • Back-end US yields gave back some of their recent gains (10yr down 3bps to 3.92%), even with the Fed minutes generally described as hawkish (some members wanted to hike by 50bps ect). The US-JP 10yr swap spread eased back to +278bps, from +282bps on Tuesday.
  • Yesterday's speech from BoJ's Tamura didn't add any fresh impulse into the monetary policy outlook. 10yr government bond yields did test above 0.50% again though.
  • There is no local data today, given local markets are closed (Emperor's Birthday), but tomorrow we get Jan CPI, along with Ueda's confirmation hearing at parliament.

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