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Yen Weakness Resumes

JPY

Broader greenback strength pushed USD/JPY higher on Monday, keeping the rate close to a cycle high printed last week at Y131.25. Participants were preparing for this week's Fed monetary policy meeting, after the BoJ last week stepped up the enforcement of its 10-year yield target.

  • Yen weakness continues to fuel speculation on the potential for an intervention into FX markets, with Finance Ministry officials escalating their warnings on depreciation.
  • There are question marks surrounding the efficacy of such an intervention, with sharp yen losses driven largely by the BoJ's ironclad commitment to its ultra-loose monetary policy settings.
  • USD/JPY trades at Y130.14 at typing. Bullish focus falls on Apr 28 high of Y131.25, followed by the 1.00 proj of the Feb 24 - Mar 28 - 31 price swing at Y131.96. Bears keep an eye on Apr 28 low of Y128.34.
  • Focus turns to monthly Tokyo CPI report, due for release on Friday.
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