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The yen went offered Tuesday, with USD/JPY moving closer to recent multi-year highs. Firmer risk appetite reduced demand for the traditional safe haven currency, making it the worst performer in G10 FX space.
- USD/JPY sits at Y114.20, 5 pips better off on the day. Topside focus falls on Oct 20, 2021/Nov 6, 2017 highs of Y114.70/73 and a break here would expose Mar 10, 2017 high of Y115.51. On the flip side, bears look for a pullback through Oct 22 low of Y113.41 towards Sep 30 low of Y112.08.
- Japan has a busy second half of the week ahead. The latest monetary policy decision from the BoJ and domestic retail sales data will come out Thursday, with Tokyo CPI, unemployment & flash industrial output coming up Friday. Japanese voters will then cast their ballots in the general election on Sunday.
- The latest Kyodo poll confirmed projections suggesting that the LDP together with its coalition partner Komeito will retain a comfortable majority parliament, despite likely losing some seats.
- But controversy involving LDP Vice Pres Aso won't do the ruling party any good. The former PM said that rice from Hokkaido has become "tastier" thanks to global warming, drawing the ire of farmers and climate change activists and forcing PM Kishida to issue an apology on-air.