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Feb 04 - 10:55 PM

USD/JPY - Off Hard On Firmer Wage Data, Off'l-Speak On Prices

By Haruya Ida  —  Feb 04 - 08:56 PM

• USD/JPY off on good rise in JGB yields from overnight, to 153.47 EBS

• On combination of firmer wage data today and official-speak on inflation

• Wages strong in December, big boost from winter bonuses

• Big impact from official-speak yesterday too - EconMin Akazawa, BOJ Ueda

• Ueda confirmed rising price pressures in Diet testimony

• EconMin Akazawa concurred, underlying inflation approaching 2%

• This despite comments from PM Ishiba allaying concerns over inflation

• Akazawa comments making rounds in Tokyo again this morning, pressure rates

• Yield on JGB 2s to 0.765%/10s to 1.300% this morning, highest since 2008/11

• USD/JPY saw less Gotobi Tokyo fix demand than eyed, through 154.00

• Range on 153 now eyed, massive option expiries between 153.15-25 to support

• Upside likely capped by also massive option expiries today at 154.00

• Market also coming around to view March BOJ Policy Board meeting "live"

• Related comments , , on BOJ

• Also , for more click on [FXBUZ]

USD/JPY hourly:


Yield on JGB 10s - hourly:


JGB-US Treasury 10-year interest rate differential:


(Haruya Ida is a Reuters market analyst. The views expressed are his own)

Source:
London Stock Exchange Group | Thomson Reuters

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