USD/JPY recovering partially
After two days of sharp drop, USD/JPY has recovered partially in Friday's Asia session. Market is patiently waiting for U.S. NFP in the later U.S. session, which potentially led to JPY longs taking profit for now. JGB yields are lower across the curve. However, looking into the detail, we had the worst in years overall household spending of -3.6% y/y in July. The BoJ is not going to like it.
USD/JPY is trading 0.37% higher at 156.37.