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Yen Outperforms Ongoing US Yield Gains

JPY

Outside of a brief pop higher towards 134.50 in NY trade, USD/JPY was rangebound through Thursday's session. Dips towards 133.60/70 were supported, while the pair last tracks around the 133.95/00 level. The yen was the only G10 currency to trade slightly firmer against the USD through the session.

  • The yen outperformed the firmer yield backdrop, amid hawkish US Fed rhetoric. The US-JP 10yr swap spread continues to trend higher, now near +275bps, highs back to Nov late last year.
  • The Jan 6 high at 134.77, which also coincides with the 100-day EMA remains intact for USD/JPY though.
  • The weaker equity backdrop, with major US indices off by over 1%, likely aided yen from a cross standpoint.
  • A Bloomberg survey showed that 70% of 39 economists surveyed see new BoJ Governor Ueda taking a tightening step by July. This was up from the previous survey repsonse around the same question (54%) (see this link for more details).
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