USD/JPY flows: Recovered half of losses since late January

The USD/JPY has recovered half of the losses since late January. Highly correlated with USD strength and also renewed concern about the result of the coming snap election, have kept JPY offered. The choppy risk trades do not seem to attract any meaningful haven bids yet, a further turmoil maybe needed to see more JPY bids.

USD/JPY is trading 0.39% higher at 156.32 with short end JGB yields remain close to recent high and longer end moderates.