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Free AccessYen Still In Demand Amid Continued Aversion To Risk
The yen paused its decline on Wednesday as participants turned to safe haven assets, with recession fears looming large. Poor performance from global equity markets evidenced deteriorating sentiment, even as the VIX index declined. Faltering oil prices may have provided a modicum of additional support to the yen, owing to Japan's status as a net importer of energy commodities.
- USD/JPY 1-month risk reversal slipped yesterday, extending its pullback from a one-week high printed on Monday and moving further below par.
- Spot USD/JPY last deals at Y135.89, down 37 pips on the day, as the risk aversion/yen outperformance set-up persists, with U.S. e-mini futures trading in the red.
- From a technical standpoint, a slide through Jun 20 low of Y134.54 would open up scope for a challenge to Jun 16 low of Y131.50, key short-term support. Bulls look for a rally above yesterday's high/Oct 30, 1998 high of Y136.71/136.88.
- Domestic headline flow has been light and mostly centred around the start of the campaign period ahead of the upcoming upper house election.
- While the ruling coalition is virtually certain to win and the House of Councillors has limited prerogatives, the poll provides an opportunity for PM Kishida to consolidate his position in the Liberal Democratic Party.
- Flash Jibun Bank PMIs will hit the wires later today as participants await the release of national CPI data on Friday.
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Why MNI
MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.