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Feb 25 - 10:55 PM

USD/JPY - Japanese Data Has Bearing On USD/JPY, Flows, Overall Mixed

By Haruya Ida  —  Feb 25 - 08:49 PM

  • Japanese data dump today mixed, some bearing on USD/JPY direction, flows

  • The closely watched Jan industrial output strong, +4.2% m/m, +4.0% eyed

  • Feb output eyed at +2.1%, prev forecast -0.3%, March seen at -6.1% though

  • Better data does back up anecdotal evidence Japan exporters doing well

  • Exporters good sellers of USD/JPY since Sept, helped limit USD/JPY upside

  • Jan retail sales -2.4% y/y, tad better than -2.6% eyed, still weak on COVID

  • Tokyo-area Feb core CPI -0.3% y/y, -0.4% eyed, overall CPI -0.3% too

  • Deflationary pressures to keep BoJ policy easy, money tap open

  • That said, BoJ likely to widen YCC band(s) in March, let long yields move up

  • This would amount to a de facto tightening, a steeper yield curve

  • See nT9N2K002K, nL4N2KV367, nT9N2KL01O, nT9N2KL024

  • For more click on FXBUZ


USD/JPY: Click here

Yield on JGB 10s: Click here

Source:
Refinitiv IFR Research/Market Commentary

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