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Published: 2024-03-22T03:50:04.000Z

USD/JPY flows: Another challenge of yearly high

byCephas Kin Long Yung

FX Analyst
-

Bank of Japan Governor Ueda says BOJ JGB holdings will remain at current levels for now

More verbal intervention from Japan finance minister Suzuki 

February National  headline CPI 2.8% vs. 2.2% in January

USD/JPY stay at recent high after a volatile post FOMC session. U.S. Treasury Yields slip while JGB yields are higher. We got more remarks from Ueda but it is only about general action after exiting ultra-loose monetary policy. Suzuki also did his rounds of jawbone intervention and see USD/JPY retreated from session high. National y/y CPI see a rebound in February after inching closer to 2% in January. Less fresh food y/y CPI also rebounded to 2.8% from 2% while less fresh food and energy continues to moderate to 3.2% from 3.5%. We forecast all three categories to resume easing in the coming months.

USD/JPY is trading 0.05% lower at 151.52 after challenging Oct 2022 high circa 151.94.

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Topics
Foreign Exchange
FX DM
Flows
USD/JPY-Commentary

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