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Yen Steady, Suga Faces Political Headwinds

JPY

USD/JPY started the week a handful of pips lower before trimming losses and last sits at Y103.84, virtually unchanged on the day. Participants await this week's BoJ MonPol decision, while the local press highlighted political headwinds for PM Suga.

  • The latest opinion polls revealed a continued drop in the approval of PM Suga's cabinet, as a critical assessment of his Covid-19 policies undermined the PM's political capital. Suga is set to deliver a policy speech when Japanese parliament returns to action today.
  • A slide through Jan 13 low of Y103.53 is needed to open up Jan 7 low of Y102.95. On the flip side, gains past Jan 11 high of Y104.40 would expose the upper 1.0% 10-DMA envelope/Nov 24 peak at Y104.73/76.
  • Japan reports final industrial output data today. Later in the week, trade balance hits Thursday & national CPI comes out Friday. The BoJ's MonPol decision is due Thursday.
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