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Yen Rebound Continues

JPY

Yen strength remains a feature of early G10 moves in Asia Pac Tuesday trade. USD/JPY was last in the 145.65/70 region. This is +0.35% firmer in yen terms versus Monday NY closing levels. We are very close to session lows (145.65). Monday lows are still some distance away, around 144.75, while lows from last week came in close to 141.70.

  • There doesn't appear to be an obvious macro driver of today's rebound. US yields are relatively steady, while equity futures are a touch higher.
  • We are seeing broader USD weakness, the BBDXY now off 0.1%, although this looks to be spill over from yen gains. AUD and NZD are now close to 0.20% firmer.

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