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Yen Wounded By Better Risk Backdrop

JPY

USD/JPY wobbled on Thursday as better risk appetite reduced appetite for safe haven currencies, albeit European FX (EUR, CHF, DKK) lagged the yen and the greenback.

  • The equity space showed some strength and the VIX index dropped, testifying to the improvement in overall risk backdrop.
  • U.S. Tsy yields crept higher, which led to the widening in U.S./Japan 10-Year yield spread by 7.2bp through the day.
  • Relative yield dynamics helped the spot rate finish the day a handful of pips above neutral levels and underpinned a rally in USD/JPY 1-month risk reversal, which rose to fresh weekly highs.
  • Spot USD/JPY last deals at Y136.00, barely changed on the day. The main topside target is provided by Y137.00, which marks a cyclical high printed on Jun 29. Bears keep an eye on Jun 23 low of Y134.27.
  • Japan's household spending, BoP current account balance & Eco Watchers Survey will print later today.
  • Looking further afield, focus will turn to core machine orders (Monday), PPI (Tuesday) & final industrial output (Thursday).
  • On top of that, BoJ Gov Kuroda will speak at the Branch Managers Meeting on Monday.
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