Yen Underperforms On Crosses Amid Equity Surge, Local Markets Closed Today

Yen was an underperformer in the G10 space for Thursday's session, losing 0.15%. Lows late in Asia Pac trade were close to 150.00 and from there we rebounded to 150.65/70 by NY trade. The move was aided by firmer short end US yields, as initial jobless claims fell and we saw Fed push back on early rate cuts. We track near 150.50 in early Friday dealings.

• Note that Japan markets are closed today for a national holiday.
• Yen has slipped against crosses, particularly against higher beta plays, SEK and NZD (although NOK weakness was an exception). NZD/JPY sits at 93.20/25 currently, just off recent highs near 93.40. Early 2015 highs sit close to 94.00.
• Such trends are aided by the surging global equity market backdrop. EUR/JPY got close to 163.50, but we sit back near 162.90 in early dealings today.
• For USD/JPY itself we are still sub mid Feb highs of 150.89, but the authorities gave fresh verbal jawboning around FX/intervention risks yesterday afternoon. The comments were in line with recent rhetoric though from FinMin Suzuki.
• Finally, note the following in the option expiry space: Y146.90-00($944mln), Y149.10-15($625mln), Y150.00($752mln).