Yen Outperforms On Weaker Equity Tone, US Yield Pullback, BoJ Apr Mins Out Today

Yen was the only G10 currency to rise against the USD for Tuesday's session (albeit with EUR close to flat). USD/JPY got to a low near 141.20 late in NY, before pushing back to 141.45. We currently track slightly lower at 141.40. The currency gained 0.36% for Tuesday's session.

• Early yesterday we saw fresh highs around 142.25 (right on Nov 21 2022 highs), while pre BoJ lows from last Friday came in around 139.85, in terms of recent ranges. The 20-day EMA comes in at 139.66, so still distance away on the downside, which leaves the technical backdrop still positive for the pair.
• Still, the more cautious tone to major equity markets since the start of the week (with US markets a touch weaker in Tuesday trade), has curbed yen crosses from recent highs.
• AUD/JPY was tracking towards 95.50 late in NY trade, over 2% off recent highs. The pair last near 96.00 as US equities closed off session lows. The RBA's perceived dovishness in the mins yesterday also weighed on the A$.
• US yields were lower, despite better than expected US housing data, although the 2yr at 4.6850%, remains well within recent ranges.
• The local data calendar is empty today, but we do have the BoJ minutes from the Apr meeting out, while BoJ Board Member Adachi will give a speech in Kagoshima.