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Yen Resilient To Broader USD Rebound, Nov CPI On Tap Today

JPY

Yen was a notable outperformer during Thursday's broad based USD turn around. USD/JPY got above 132.70 in NY trade, but settled back near 132.35/40 into the close, which is where we currently sit. JPY was the only G10 currency to record a rise against the USD through Thursday's session.

  • Cross asset trends were mixed for the yen. Weaker equity sentiment aiding yen against higher beta crosses, but firmer US yields worked the other way.
  • The real US 10yr yield is nearly back to +150bps, fresh month to date highs and +40bps on lows near the start of the month.
  • The yen continues to outperform a slightly improved US-JP yield differential backdrop though.
  • The broader market focus remains on how far the yen may strengthen in 2023 on further potential BoJ shifts and weaker growth conditions forecast in the US and EU. Japan economic growth is forecast to be firmer next year compared to both areas.
  • The domestic focus today will rest with November CPI prints. The market looks for headline CPI to rise to 3.9% y/y, from 3.7%, while ex food and energy is expected to print at 2.8% from 2.5% prior.
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