Clone - USD/JPY flows: Baning on 152's door

For the past two weeks USD/JPY has been consolidating at year high and verbal interventions barely stall the run. We hear more from Ueda but mostly on a recorder, except he is saying that BoJ won't change monetary policy just to deal directly with FX moves unless "fx moves lead not just to rising import prices, but risk pushing up trend inflation more than expected". He also suggest the BoJ will reduce JGB buying after observing market's digestion of March's policy shift.

All this sound to be supportive for the JPY at least in the medium run but USD/JPY is 0.04% stubbornly higher at 151.78 with JGB yields outperforming U.S. Treasury Yields.