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Yen Retraces Earlier Spike Into Tokyo Fix

JPY

USD/JPY registered a session low of Y107.88 after a spike lower, which seemed unrelated to any fundamental catalysts and briefly took the pair below yesterday's worst levels. Losses were erased into the Tokyo fix and USD/JPY last changes hands at Y108.10, virtually unchanged on the day.

  • The move seemed JPY-centric, with other yen crosses also falling to session lows only to recoup losses shortly thereafter. EUR/JPY had a look under Tuesday's low, but AUD/JPY has respected yesterday's extremes.
  • Headlines surrounding the apparently imminent emergency declarations in Tokyo, Hyogo & Osaka have dominated the local news flow, but offered little in the way of notable fresh insight into the matter. Mainichi reported that Tokyo will seek a state of emergency lasting from Apr 29 to May 9, during which period department stores would be asked to close.
  • Implied vols continue to creep higher, with 1-month tenor hitting 5.89%, a level not seen sine the beginning of last week.
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