Asia Summary and Highlights 25 Jan

Japan's Kanda says important for forex rates to move stably reflecting fundamentals
Asia Session
We had some jawbone intervention from Kanda but it seems to be only regarding the latest volatility. But it seems to have little impact towards USD/JPY as there was already a correction on Wednesday where the pair retreated from 148.38 to almost 2 figures lower. 10yr JGB yields continued its strength while U.S. Treasury Yields skids. USD/JPY is recovering some of the Wednesday lost ground to trade 0.2% higher at 147.78.
Regional sentiment is performing better after Wednesday Chinese stimulus. Yet the upbeat sentiment did not transfer to the antipodeans as USD is gaining ground across board. AUD/USD is trading unchanged, NZD/USD is down 0.05% while USD/CAD is also unchanged. EUR/USD is down 0.05% and GBP/USD is down 0.09%.
North American session
The USD fell back early in the North American session, with EUR/USD gaining around 40 pips and USD/JPY losing 60 pips, but was little changed by the end of the session. USD/CAD bucked the trend, rising half a figure from a 1.3430 low after the BoC meeting, as the BoC removed their bias to tighten, focusing now on how long to keep rates at the current 5.0%. USD/CAD later extended its advance above 1.35 as the USD rebounded. Early pressure on the USD came from falling UST yields, but this was reversed as January’s S and P PMIS picked up, manufacturing to 50.3 from 47.9 and services to 52.9 from 51.4. UST yields advanced further after a weak 5-year auction.