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Yen Underperforms USD Pullback, More BoJ Speak Today

JPY

USD/JPY got to fresh highs post the Asia close, getting into the 142.35/40 region, before retracing. We ended the NY session in the 141.80/90 region, still 0.29% weaker in yen terms for the session. We track slightly lower now for the pair. Yen was the only G10 currency to fall for Wednesday against the USD.

  • USD/JPY's move off its intra-session highs coincided with US yields moving lower, although more so at the back end of the curve. More broadly, yield differentials still remain heavily skewed in the USD's favor.
  • The yen didn't receive any net benefit from the weaker equity market tone in EU and US trade, but aggregate commodity indices were firmer. AUD/JPY and NZD/JPY continued to recover from recent dips.
  • NZD/JPY is back to the 88.00 handle (recent lows came in around 86.85). AUD/JPY is back to the 96.40/50 region, against recent lows near 95.50.
  • Today on the data front we have weekly investment flows. Note tomorrow, May CPI is due.
  • We do have another BoJ speaker today, with Noguchi speaking in Okinawa. Yesterday, comments from Adachi left the impression that the bar for a YCC shift in July is quite high.
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