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Yen
crosses rose today. USD/JPY hit highs above 153.70 in a more or
less steady grind higher. There was no fresh news nor data.
Bank
of Japan Governor Ueda spoke in parliament but didn’t add anything
new or interesting. Rate hikes/policy normalisation will depend on
developments in the economy, he said. He was perhaps not as un-dovish
(hawkish is probably too strong a word to use for Ueda) as expected,
contributing to yen weakness (I think I’m back fitting a narrative
here, take with a grain of salt).
The
yield on 10 year Japanese Government Bonds rose to their highest
since February of 2011.
Elsewhere
across major FX there is not a lot of net change on the session.
Head
of the New York branch of the Federal Reserve, John Williams, spoke
during the US afternoon and added a little more into early Asia. In a
nutshell he said monetary policy is right where it should be, and is
mildly restrictive.
In
a head-in-the-sand comment he said its hard to say if uncertainty
issues are weighing on economy. Perhaps he should be thinking if the
‘uncertainty issues’ are boosting the economy? Opinions may
differ depending on what side of the political fence you’ve planted
your flag, but the volatile environment of on then off then on again
(and round and round we go) economy-related policies are not
conducive to business planning, such as capex and what have you. The
stock market seems sanguine enough, though.
This article was written by Eamonn Sheridan at www.forexlive.com.
