• USD/JPY and JPY in general still market focus after joint intervention

• More comments from US TsySec Bessent to continue to help cap USD/JPY

• Bessent said sure BOJ Gov Ueda would "do what is best"

• Added many Asian currencies including KRW and CNY follow JPY moves

• USD/JPY still capped ahead of its ascending 200-DMA at 158.02 today

• Range in Asia so far 157.58-80 EBS, follows 157.22-96 range yesterday

• Key resistance between 157.90-158.00, daily Ichi cloud 158.92-161.41 above

• Spot holding in 156.82-158.05 hourly Ichimoku cloud, tenkan/kijun 157.64/58

• Japanese importer USD demand strong, will continue to limit USD downside

• Nikkei on rise this morning, foreign buys and currency hedges again?

• JGB-US Treasury rate differentials in narrowing mode, BOJ hike in September?

• Differential in 2s off to around 267 bps, in 10s to around 182 bps

• Will BOJ do "what's best"? Totan Research/ICAP probability to 47%

• This contrasts with growing view Fed will hold rates as is this year

• In options, smattering of expiries in area today but nothing massive

• Related comments , , ,

• And , ,

• Also , , on FX intervention

• On Bessent-speak , , ,

• US markets , , ,

• On US economy , for more click on [FXBUZ]

USD/JPY:


JGB-US Treasury 2-year interest rate differential:


Nikkei 225:

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