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Negative risk sentiment combined with a slight moderation in U.S. consumer-price inflation delivered a blow to USD/JPY Tuesday, with the yen becoming the best G10 performer. USD/JPY bottomed out at Y109.53, printing its worst level since Aug 24.
- Bearish focus falls on Aug 24 low of Y109.41 and a move through that level would clear the way to Aug 16 low of Y109.11. Bull look to a rebound above Sep 8/Aug 13 highs of Y110.45/46, which would turn focus to Aug 11/Jul 7 highs of Y110.80/82.
- The LDP leadership race keep gathering pace ahead of the formal start of campaigning this Friday. See an earlier bullet (JAPAN: Most LDP Factions Set To Waive Discipline In Voting For Party President) for the latest update on factional horse trading.
- Japan's core machine orders grew slower than forecast in July. The monthly growth of 0.9% fell short of the BBG estimate of 2.5%.
- On the data front, focus turns to Japan's trade balance, due tomorrow.