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Yen Slightly Outperforming in G10 Space, Suzuki FX Comments Don't Shift Sentiment

JPY

Yen is seeing modest outperformance in the G10 FX space. The pair last in the 145.40/45 region, around 0.1% firmer in yen terms versus Thursday NY closing levels. Earlier lows were at 145.24. Highs for the session sit at 145.70.

  • Comments from FinMin Suzuki crossed a little earlier, carrying the usual rhetoric around FX markets (sudden moves aren't desirable, FX rates should be determined by the market and that they are watching FX moves closely). These comments haven't impacted yen sentiment though.
  • For USD/JPY the focus is on whether we can test the 20-day EMA near 145.00, although the market may remain cautious ahead of the payroll print later in the US.
  • Yen is outperforming AUD and NZD at the margins, with an indifferent cross-asset backdrop. US yields are steady and US equity futures close to flat.
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