Published: 2024-07-18T04:49:02.000Z
USD/JPY flows: JPY gains neutralized by soft import
FX Analyst
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Japan June exports +5.4% y/y and imports +3.2% y/y
USD/JPY slumped in early Tokyo hours by almost a figure. It does not look like an intervention, rather a break of stops accelerated move. The June trade data has come in weaker than estimated, the headline figure is positive on slower import growth. And it would build a difficult case for the BoJ if consumption continue to stay low even when real wage turns positive.
USD/JPY is trading 0.13% higher at 156.35 after testing a session low of 155.37.