JPY soft & underperforming G10 – Scotiabank

FXStreetNov 24, 2025 3:25 PM

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The Japanese Yen (JPY) is soft, down a modest 0.2% against the US Dollar (USD) as it continues to trade in a manner that is completely disconnected from yield spreads and broader fundamentals, Scotiabank's FX strategists Shaun Osborne and Eric Theoret report.

JPY breaks from spreads & sentiment

"Measures of sentiment are also suggestive of a softening in demand for protection against yen strength, offering an additional break to the market’s risk tone."

"This week’s fundamental release calendar is limited to retail sales and industrial production later in the week, and we remain focused on headline risk related to the BoJ and potential movement around board member Noguchi’s speech scheduled for Wednesday."

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