Rising JGB yields keep Yen under pressure – BBH

FXStreetJul 10, 2025 10:03 AM

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USD/JPY eased off from this week’s high above 147.00, while JPY continues to underperform against most major currencies, BBH FX analysts report.

USD/JPY pulls back but JPY still vulnerable

"20-year JGB yields retraced some of this week’s rise despite below average bond auction demand. The 20-year bond sale's average bid-to-cover ratio was 3.15. The bid-to-cover ratio was higher than the previous three auctions (3.11 in June, 2.50 in May, 2.96 in April) but below the 12-month average of 3.29."

"The increase in long-term JGB yields is pushing up Japan’s debt servicing costs, limiting the Bank of Japan’s tightening capacity and posing a headwind for JPY."

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