BUZZ-USD/JPY back near recent highs after knee-jerk down o/n
USD/JPY saw some volatile action on what Trump govt would/would not do
Reports Trump tariffs may be lighter than feared, then denial behind moves
USD/JPY from 157.95 overnight high to 156.25 before bouncing back up
Asia so far 157.61-158.03 EBS, back to a hold below 158.00-10 recent highs
Bias still up with long US yields up on supply fears, 10s to 4.644% o/n
JGB yields surged yesterday too, 10s to 1.150% on hawkish BOJ Ueda-speak
JGB-US Tsy 10-year rate differential contained below recent wides @349 bps
Plenty of unknowns going forward - Trump policies, US jobs report, BOJ
USD/JPY 158.00-10 cap likely to remain in place for now, 156-handle base
Moves in US Tsy and JGB yields to remain focus into US NFP/jobs report
Some option expiries in area today at 155.95-156.00, 156.85, 157.90-158.10
Related comments nL1N3O20QG, nL1N3O20AP, nL1N3O209U, nL1N3O208J
And nL1N3O20BA, nL1N3NP00Y, also nL1N3O20T0, on BOJ Ueda nL1N3O205U
US markets nL1N3O20LO, nL1N3O20VL, nL4N3O20ZX, nL1N3O2044
On Trump tariffs, et al nL1N3O20EX, nL1N3NZ0UR, US data nL1N3O20ND
For more click on FXBUZ
(Haruya Ida is a Reuters market analyst. The views expressed are his own)
Related Articles
September Fed Watch: A Policy Pivot That Could Make or Break the Bull Stock Market
TradingKey - The Fed’s September FOMC meeting is widely seen as locking in the first rate cut of 2025. Yet strategists at Morgan Stanley, JPMorgan, and Oppenheimer warn that as investors shift focus to slowing growth, a more cautious tone may replace bullish stock sentiment.
Meta Connect 2025: An Inflection Point for AR Wearables?
TradingKey - Meta Connect 2025 kicks off this Wednesday, and expectations couldn’t be higher.
Effects of Interest Rate Cuts: Impact of Fed's September Meeting on Crypto Market
The Fed’s rate cut decision is a major bullish catalyst for crypto — but it comes with uncertainty. Investors should understand the economic rationale behind the move and adjust strategies accordingly. Staying flexible, informed, and disciplined is key to thriving in crypto’s fast-moving environment
Japan Q2 GDP Commentary: Growth Revised Upward, Yen May Rise
TradingKey - On 8 September 2025, Japan released the revised Q2 GDP figures. The data showed that real GDP grew by 0.5% quarter-on-quarter, surpassing market expectations of 0.3% and the previous quarter’s 0% growth.
Fed to Cut Rates: All Asset Prices Up!
TradingKey - The Federal Reserve is almost certain to restart its interest rate cut cycle on 17 September this year. After in-depth research, we have concluded that cryptocurrencies, the broader U.S. stock market, and short-term U.S. Treasury bonds will all go up.
