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Yen Weakens Amid US Yield Rebound, Japan To Examine Sustainability Of Wage Increases

JPY

Yen was the second weakest performer within the G10 space through Friday's session. We lost 0.86%, as US yields rebounded amid higher than expected consumer inflation expectations (5-10yr to 3.2% versus 2.9% expected in U. of Mich survey). USD/JPY got 135.75/80 and we currently track around these levels. Note the May 3 high at 136.63 is a potential resistance point, while the simple 200-day MA is just above 137.00.

  • USD/JPY is still following US yield gyrations fairly closely, the US 2yr getting back close to 3.99% in NY at the close on Friday.
  • Locally, we have Apr PPI on tap today. The market consensus is flat in m/m terms, which would see the y/y pace slip to 5.6%, versus 7.2% prior.
  • Local newswires reported over the weekend that PM Kishida will ask the government and BoJ to examine the sustainability of wage increases (see this link for more details).
  • Japan may also allow electricity price hikes in June. Reported rises of 17% to 43% are expected, although companies may be asked to scale back the size of the increase (see this link for more details). A cabinet meeting this week will reportedly discuss the matter.
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