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Yen Remains On Softer Footing After Monday's Underperformance

JPY

The yen lost ground on Monday as the risk backdrop improved amid promising signs re: China's COVID-19 situation, with Beijing and Shanghai moving to ease restrictions.

  • BoJ Gov Kuroda told lawmakers that the FX market has stabilised and earlier yen depreciation was not driven by ultra-loose monetary policy but various factors.
  • Cash U.S. Tsys did not trade on Monday as local markets were shut in observance of a public holiday.
  • In local news, NHK reported that Japan eyes adding flexibility to primary balance target, while Yomiuri suggested that the FY25 reference for this target could be dropped.
  • Japanese data releases move into a higher gear today, with unemployment, retail sales, flash industrial output on tap.
  • Looking further afield, capital spending & company profits/sales will hit the wires on Wednesday.
  • USD/JPY last sits at Y127.74, 15 pips higher on the day, with bulls keeping an eye on May 17 high of Y129.78. A clearance of that level would bring May 9 high of Y131.35 into play. Bears look for a retreat past the 50-DMA/May 24 low at Y126.86/36.
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