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25 Oct 2022

USD/JPY remains sideways below 149.00, BOJ’s stealth intervention buzz

  • USD/JPY is continuously auctioning below 149.00 as investors await more clarity on BOJ’s intervention.
  • S&P500 futures have recovered their morning losses which indicates that the risk-on impulse could rebound.
  • Japanese importers have been hit hard by the sliding yen to the lowest levels in 32 years.

The USD/JPY pair is displaying a lackluster performance below the critical hurdle of 149.00 in the Tokyo session. The asset has turned sideways following back-and-forth cues from the US dollar index (DXY). The juggling of the DXY below 112.00 indicates that the market mood is extremely quiet.

S&P500 futures have recovered their marginal losses recorded in early Tokyo. Also, the 10-year US Treasury yields have extended their losses to near 2.21%, which could bring a rebound in the risk-on impulse ahead.

Knee-jerk reactions in an asset usually turn the asset into a sideways trend. The Bank of Japan (BOJ)’s stealth intervention in the currency markets against disorderly FX moves to safeguard the weakening yen has kept investors on the sidelines.

The weakening of the domestic currency due to speculative moves has harmed the spirits of Japanese investors. BOJ Governor Haruhiko Kuroda, a Japanese government official said that “the recent sharp, one-sided yen weakness is not good for the economy.” Japanese officials are paying ‘full attention’ to market volatility. The Tokyo government is continuously intervening in currency markets after yen recorded its lowest levels in 32 years.

The impact of the deteriorating yen is impacting the importers badly. From the purchase of oil to foodstuffs, Japan has a constant demand for dollars, that is sensitive to yield differentials, expectations from monetary policy, and technical levels reported Bloomberg.

On the US front, investors’ focus has shifted to the US Gross Domestic Product (GDP) data, which will release on Thursday. . The annualized GDP is expected to improve significantly to 2.4% vs. a decline of 0.6% reported earlier.

 

Oct 25, 2022

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Oct 25, 2022

EUR/USD: Sustained gains seen above 0.9935 – UOB

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