JPY

Japan private sector economic council members say cant overlook weak yen negative effects

• Japan has downgraded growth forecasts

Here's a forecast for a Bank of Japan rate hike this month

• Follows inflation data from Japan earlier

Japan data - June CPI Headline 2.8% y/y (vs. 2.9% expected)

JP Morgan says they do not expect a Bank of Japan rate hike in July, or at all in 2024

• On the yen, says it'll take some time before the USDJPY carry becomes less punitive

BOJ data does not suggest evidence of intervention on 17 July

• No evident traces of yen-tervention efforts from Japan yesterday

USDJPY Technical Analysis – A key breakout increased the bearish momentum

• The USDJPY pair broke through a key trendline yesterday which increased the bearish momentum. What’s next?

Japan chief Cabinet secretary says no comment on FX moves

• Remarks by Japan chief Cabinet secretary, Yoshimasa Hayashi

USD/JPY stays in focus as the swings continue

• The pair is now up 0.2% to 156.45 after having traded to a low of 155.36 in Asia

USD/JPY gyrations continue, back above 156.25

• USD/JPY dropped earleir but has reciovered much of today's drop now

Former Bank of Japan Exec Director says Bank of Japan unlikely to raise rates this month

• The BoJ meet July 30 and 31

Some USD/JPY option expiries to be aware of for 10am NY time today

• The amounts are not game changers

Japan data - June exports +5.4% y/y (expected 6.4%) & imports +3.2% y/y (expected 9.3%)

• Japan trade data for June 2024

USD/JPY under 155.50 now

USD/JPY drops under 156.00

USD/JPY falls to a fresh daily low and a test of 156.00

• Big win for the Japanese Ministry of Finance