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Yen Stabilises, Tokyo Metro Gov't May Extend Request For Early Store Closures

JPY

USD/JPY had a volatile start to the week as fallout from familiar developments in Turkey radiated across global financial markets. The rate dipped after the re-open, only to recoup losses amid speculation re: the unwinding of TRY/JPY positions by Japanese retail accounts (for context, the lira is "Mrs Watanabe's" favourite carry-trade currency, while Friday's data from the Tokyo Financial Exchange saw longs constitute 86% of all TRY/JPY positions). USD/JPY stabilised later in the day and wobbled around neutral levels, finishing just shy of there.

  • NHK reported that the Tokyo Metropolitan Gov't is planning to leave the request for early store/restaurant closure in place, despite the recent termination of the state of emergency.
  • USD/JPY changes hands at Y108.81 as we type, a touch lower on the day. Losses past Mar 10 low of Y108.34 would prompt bears to focus on the 20-EMA at Y108.03. Conversely, a jump above the 76.4% retracement of the Mar 2020 - Jan 2021 slide at Y109.56 would expose Jun 8, 2020 high of Y109.70.
  • Looking ahead, final machine tool orders hit the wires today, the three flash Jibun Bank PMIs come out Wednesday, while Tokyo CPI is due Friday.
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