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Mar 16 - 03:48 AM

USD/JPY - JPY CCS Near All-Time Levels Of Market Stress

By Andrew M Spencer  —  Mar 15 - 11:35 PM
  • As the BOJ hold an emergency policy meeting, JPY CCS are under pressure

  • A fresh -85.00 recently seen in the 1-year and -144 in the 3-month

  • The low for the 1-year in 2016 was -87.75 and in the 2008 GFC -87.5

  • Fed cut and coordinated CB action to ease USD funding issues nL1N2B806D

  • Fed has spooked, rather than soothed markets, as virus spreads nL4N2B816Q

  • A number below -50 in the 1 year is considered a sign of stress

  • BOJ will need to deliver, in order to avoid a meltdown nL1N2B900L

ccs 2 mar 16 Click here

Source:
Refinitiv IFR Research/Market Commentary

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