USD/JPY flows: Hanging on 150
Red Sea tension persist
Japanese Finance Minister Shunichi Suzuki in an interview with Nikkei “The Bank of Japan holds jurisdiction over monetary policy. But there will be a phase when interest rates go up”
Over the weekend, it was reported that there was another attack towards vessels in the Red Sea that made crews to abandon the ship. The on and off terrorism reminds us the geopolitical uncertainty but we are seeing restrained military action from the U.S. have kept market quiet for now. Japanese Finance Minister Shunichi Suzuki said in an interview with Nikkei that “The Bank of Japan holds jurisdiction over monetary policy. But there will be a phase when interest rates go up”, which just confirms the market consensus, without a hawkish tilt it is not going to have much lasting impact towards the JPY.
The U.S. market is closed on Monday and JGB yields are barely a foot in the red. USD/JPY once again approaches the 150 figure by trading 0.16% lower for the session at 149.94.