Published: 2024-06-28T04:50:11.000Z
USD/JPY flows: Escalated rhetoric but no sign of action
FX Analyst
3
Escalated rhetoric from Suzuki
Tokyo CPI stays above 2%
Despite the emptiness from presidential debate, USD has been gaining since Hong Kong market opens and brought USD/JPY past the 161 figure. We heard another escalation in rhetoric from Suzuki as he said he is deeply concerned about excessive, one-sided moves on forex, there is little sign of an actual action. U.S. Treasury Yields are trading higher while JGB yields skids.
Tokyo y/y headline CPI for June came in stronger than may at 2.3%, ex fresh food at 2.1% and ex fresh food & energy at 1.8%. The data remains supportive for BoJ to tighten but does not seem to spur any hawkish expectation. USD/JPY is trading 0.2% higher at 161.05.