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Oct 13 - 04:55 PM

USD/JPY - Shies Away From 2023 Highs On War And Intervention Threats

By Randolph Donney  —  Oct 13 - 02:40 PM
  • USD/JPY's Thu/Fri highs at 149.83/4 on EBS shy of Oct's 150.165 peak

  • And shy of 2022's 32-yr peak at 151.94 and nearby 2023 channel top

  • Tsy-JGB yields slightly lower amid haven flows re ME conflict fears

  • Tsy ylds bounce on jump in Mich consumer inflation outlook was muted

  • Came after Sep import prices were well below forecast on USD strength

  • Broad concern is Japan's MoF reprises FX intervention from Oct '22

  • Japan's FinMin told G20 that FX action may be needed, is appropriate

  • Soaring USD/JPY keeps Japanese imported inflation rising

  • Beyond ME events, Tues's US retail sales are in focus, f/c soft

  • The control group is f/c unchanged m/m after just 0.1% in Aug

  • Charts and macros suggest risk of a USD/JPY fall ahead of 2022's peak

For more click on FXBUZ

Refinitiv IFR Research/Market Commentary


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