It takes a lot to knock USD/JPY 25 pips lower in a straight line but that’s what has happened around the Tokyo open. There was talk yesterday that ACBs were buying at 83.20 but no confirmed sightings yet. (Edit: Sovereign bids reportedly at 83.10)
It’s been a while since we’ve seen USD/JPY react strongly to local trade date but the February trade balance of +JPY33 billion has illicited this response.
