• USD/JPY less affected than other pairs after hot US CPI data

• US Sept CPI MM +0.6%, YY +3.7%, core MM +0.3%, YY +2.6%

• Expectations for +0.6%, +3.6%, +0.2% and +2.5%, respectively

• Some players not see FOMC October meeting "live" despite split views

• That said, other players see no urgency on part of Fed to hike

• USD/JPY 158.33 to 157.78 EBS in Asia, off from 158.95 high in New York

• Reports Japanese exporters good sellers on move to high yesterday

• Specs may have jumped too on the back of Japanese exporter flows

• Tokyo players in particular wary of FX intervention towards 160.00

• Exporters have been stepping ahead recently, especially from @159.00

• Spot back below 200-DMA at 158.57, into 156.64-158.44 daily Ichimoku cloud

• JGB-US Treasury rate differentials not much changed, in stasis still

• In 2s around 284 and in 10s around 219 bps as of the New York close

• Some large option expiries in area today to help contain spot action

• 157.00 $833 mln, 157.15-20 $843 mln, 157.50-60 $1.3 bln, 158.00 $1.3 bln

• Also between 158.20-45 $579 mln, 158.50-60 $1.3 bln, 159.00-25 $475 mln

• Related comments , , ,

• And , , also , on US CPI

• US markets , , ,

• On Fed/Fed-speak , , ,

• Also , for more click on [FXBUZ]

USD/JPY daily:


JGB-US Treasury 2-year interest rate differential:


USD/JPY nearby option expiries into next week:

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