JPY is flat against USD – Scotiabank

FXStreetNov 13, 2025 2:16 PM

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The Japanese Yen (JPY) is trading flat against the US Dollar (USD) and underperforming all of the G10 currencies in an environment of sentiment-driven USD weakness, Scotiabank's Chief FX Strategists Shaun Osborne and Eric Theoret report.

JPY is a relative underperformer in pro risk trade

"The JPY’s relative performance is understandable in a risk-on environment, reflecting the yen’s risk profile as a safe haven currency. Fundamental releases have been limited to the release of second-tier PPI, which came in slightly stronger than expected at 2.7% y/y."

"Its translation into implications for the BoJ have been somewhat muddled by lingering and renewed concerns about newly arrived PM Takaichi’s efforts at influencing the outlook for BoJ policy."

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